Hackney South and Shoreditch is a hub for start-up businesses, especially in the tech sector. Many start-ups are, by definition, either pre-revenue, loss-making and/or stuck between funding-rounds. They were therefore locked out of any Government support through the Coronavirus Business Interruption Loan scheme.
I teamed up with the Coalition for a Digital Economy, to press the Government on this issue. These businesses are the future engines of growth for our economy and will be crucial to our recovery from the economic shock caused by this public health emergency. I urged the Chancellor not to let this entire sector collapse.
I am pleased to see that the Government has now introduced the 'Future Fund', a scheme tailored specifically for start-ups. This is a £1.25 billion fund that will include joint investments with venture capital firms and grants for research and development. See here for further details.
I will continue to press for better support for all businesses during this public health emergency.