§ Mr. YeoTo ask the Secretary of State for Trade and Industry what progress has been made towards the target set in 1998 for achievement in 1999–2002, to secure an increase in the number of successful high growth business start ups. [83595]
§ Ms Hewitt[holding answer 26 November 2002]: In 1998, a target was set to secure an increase in the number of high growth business start ups over 1999–2002. The latest figures are for 1997 (provisional) and estimate over 11,000 "high growth" firms. Provisional 1998 and final 1997 figures will be available by the end of the year. The Government made a commitment in the Competitiveness White Paper published in December 1998 to provide a new high-quality advice service designed to support 10,000 pre and start-up businesses a year in England (by the end of March 2002), who were identified as having high growth potential. The programme was managed and funded nationally by the Small Business Service but delivered locally via allocations to the 45 Business Links in England. £20 million of funding was committed between October 1999—March 2002.
By the end of March 2002 around 8,500 pre- and start-up businesses had received support. Support was provided across a variety of business sectors to people who are traditionally considered to face barriers in starting and growing a business including women, ethnic minorities and young entrepreneurs.
Financial support is continuing to Business Link Operators for the delivery of advisory services to pre- and early start businesses identified as having high growth potential. £10 million was included in the Business Link core budget allocation for 2002–2003.