25,000 new businesses supported by Start Up Loans

25,000 new businesses supported by Start Up Loans

The government’s Start Up Loan scheme has hit another milestone as the 25,000th business loan is approved, taking the total amount lent to new firms to nearly £130 million.

The scheme provides financial support and mentoring to entrepreneurs looking to set up their own business.

According to the Start Up Loan Company, more than 32,000 new jobs have been generated as a result of the scheme since it was launched in 2012.

Prime Minister David Cameron said: “Small businesses are the lifeblood of our economy and supporting them to get off the ground and create jobs and opportunities for hardworking people is a key part of our long-term economic plan.

That’s what our Start Up Loans are all about – it’s great news that 25,000 loans have now been issued, giving people who want to work hard and get on the tools and confidence to turn their entrepreneurial vision into a reality.”

Business Secretary Vince Cable said: “The Start Up Loans scheme is enabling thousands of entrepreneurs across the country to realise their ambition and set up their own business.

Helping businesses to access the funds they need to grow is key to our recovery and through schemes like Start Up Loans the government is supporting serious volumes of lending to small and medium sized businesses.”

James Caan CBE, chairman of the Start Up Loans Company, said: “The creation of 25,000 new businesses is a significant achievement and everyone involved – the government, the Start Up Loans Company, and the loan recipients themselves, should be immensely proud.”

Balfour Beatty gets £32m Liverpool job

Balfour Beatty gets £32m Liverpool job

Balfour Beatty has been awarded the £32 million contract to build Baltic Triangle, a three-tower residential development in Liverpool city centre for developer Neptune Investments.

The two year project will see Balfour Beatty delivering 324 new apartments across three separate towers, which will be thirteen, ten and eight storeys in height respectively.

The project will also involve the creation of commercial space, a gym and underground car parking for 358 cars while helping the local construction industry.

Balfour Beatty will continue construction on a building previously begun by another developer, strengthening the existing basement and helping to reduce delivery time and costs by using pre-cast wall panels.

Balfour Beatty will recruit apprentices to the project and utilise its established links with Liverpool John Moores University to provide opportunities for students.

Jon Adams, Balfour Beatty Managing Director for Northern Major Projects, said: “Balfour Beatty has extensive experience in delivering high-end residential schemes and of working in Liverpool, where we have recently delivered the Liverpool One and Aloft Hotel developments.

We have a fifteen year relationship with Neptune Investments and we look forward to working with them to deliver this exciting new £32m development in the heart of the Liverpool docklands.”

Coventry University appoints BAM for £37m building

Coventry University has awarded the £37 million contract to build its flagship new Science and Health Building to BAM Construction.

BAM Construction are due to start work on the building, which will bring together the Faculty of Health and Life Science’s teaching and research facilities into a ‘superlab’, in February.

The five-storey, 120,000 sq ft building on Much Park Street in Coventry’s city centre is due for completion in 2017.

The modern multi-disciplinary building will house world-class teaching and simulation facilities with state-of-the-art equipment and laboratories.

A mock operating theatre, fully-equipped ambulance and a community house to test the latest assistive living technologies will be among the health simulation features.

A purpose-built laboratory for teaching and research in biological and analytic sciences will sit alongside a strength and conditioning room. A running track, sports therapy clinic and facilities for food and environmental sciences will also be part of the complex.

Professor Guy Daly, Executive Dean of Coventry University’s Faculty of Health and Life Sciences, said:”We are delighted to announce that the contract to build the new Science and Health Building has been awarded to BAM.

“The new building is a significant development in our future as a leading modern university, providing world-class teaching, research and simulation facilities for our health and life science students.”

New wave of investment for enterprise zones

Developers are building a record number of offices and industrial premises in enterprise zones across the country, Communities Secretary Eric Pickles announced yesterday.

These are some of the first major investments of their kind since the downturn and show the increased confidence developers have in many local economies.

Communities will receive a big boost from these developments which will bring about more jobs on zones and provide many knock-on benefits for people living nearby – from new services and infrastructure through to new business opportunities.

More than £230 million has been committed to 31 projects across the enterprise zone programme so far, meaning at least 1.8 million square feet of new speculative office and industrial space will be rolled out by 2018 – the equivalent of more than 23 Wembley football pitches.

Around 250,000 square feet of that work has already been completed with developers pushing ahead to finish a further 500,000 square feet by summer, paving the way for up to 2,200 jobs.

The Communities Secretary made the announcement as he marked the completion of a £40 million building called 2 Glass Wharf at Bristol Temple Quarter Enterprise Zone. Built without a business initially lined up to move in, the iconic building will be welcoming its first tenant, global accountancy giants PricewaterhouseCoopers.

Communities Secretary Eric Pickles said: “Enterprise zones are a great place to do business. That’s why these developers are channelling millions of pounds into these investments.

It proves that our long-term economic plan is on track, helping deliver the kind of world-class infrastructure that attracts top companies.

And that’s great news for the economy and communities because it’s these kinds of businesses that will create jobs for hard-working people.”

Enterprise zones are central to the government’s plans to rebalance the economy, offering world-class infrastructure and top-class growth incentives for companies, across a range of key sectors including aviation, manufacturing and life sciences.

Boris Johnson to turn empty properties into affordable homes

London Mayor Boris Johnson

The Mayor of London, Boris Johnson is forming a partnership with Big Issue Invest to renovate empty properties into new affordable homes, whilst creating work opportunities and boosting the trades.

The Mayor has awarded a £10 million loan from his Housing Covenant to Big Issue Invest who help small community organisation’s to renovate empty homes or buildings to convert them into good quality affordable housing for Londoners to rent or part buy.

The funding will revolve over a 10-year period and result in up to 400 empty homes being transformed into good quality low cost housing. In addition it will provide long term unemployed people, veterans and out of work young people from across London the opportunity of employment and training in construction.

The Mayor’s Housing Covenant supports organisations proposing innovative ways of delivering affordable housing through a Revolving Fund and is one of a number of housing schemes the Mayor is delivering to boost affordable housing, stimulate building and fast track the delivery of thousands of much needed new homes.

The proportion of empty homes in the capital has fallen dramatically under the Mayor, and at 0.7 per cent is now at the lowest level since the 1970s. Over 5,000 empty homes have been brought back into use through GLA housing programmes since 2008.

The Mayor of London, Boris Johnson said: “With the huge demand for housing it’s essential we get empty properties back into use, which is why I’m helping innovative projects renovate them back into much needed affordable homes.

Big Issue Invest are masters of boosting community social enterprise and delivering key employment and training skills to the homeless and unemployed people who need our extra support. This funding sits alongside my affordable home programme which is on track to deliver 100,000 new low cost homes across the city.”

Speaking about the Fund, Big Issue Group’s Chair, Nigel Kershaw said “This is really exciting, the Fund helps to extend The Big Issue’s mission of preventing and dismantling poverty and creating opportunity.

That we are offering homes and employment opportunities to vulnerable people makes this so important to us, as it’s all about preventing people ending up on the streets.”

Help to Buy sales hit 73,000 homes

The number of people joining the housing ladder continues to grow as new figures show more than 73,000 homes have been bought under the government’s flagship Help to Buy schemes.

With housebuilding at its highest level since 2007, Housing Minister Brandon Lewis said the figures demonstrated how the schemes were getting the country building, as part of the government’s long-term economic plan.

Mr Lewis said: “Our long-term economic plan has turned this country around from the one we inherited, suffering from a crashed economy and a housing market where builders wouldn’t build, lenders wouldn’t lend and buyers couldn’t buy.

Now numbers of first-time buyers are at their highest since 2007, housebuilding continues to climb and planning permissions are at record levels.

All these measures combined are helping record numbers of people into a new home, including 73,000 households benefiting from Help to Buy and we will keep striving to get that total even higher.”

The figures show that more than 38,000 households have been supported by the government’s Help to Buy (equity loan) scheme, with the average price of homes under the scheme £212,000, well below the £271,000 UK average. The scheme has also brought down the average deposit needed.

Government schemes represent only part of the total, with Halifax figures this week showing 326,500 first time buyer purchases last year, up 22% on 2013.

The Help to Buy (equity loan) scheme was introduced (along with other Help to Buy products) to support people who can afford a mortgage, but struggle to save the deposits required by lenders in the wake of the financial crisis.

As it applies to new build homes it creates much needed new housing to meet long term need, and stimulates economic growth by creating and protecting up to 76,000 construction sector jobs.

National success story

The figures show the government schemes are helping every part of the country, with some of the main towns and cities benefiting from the Help to Buy (equity loan) scheme being:

  • Leeds – 628 sales

  • Milton Keynes – 516 sales

  • Peterborough – 512 sales

  • Birmingham – 465 sales

  • Bedford – 454 sales

Deputy PM seals £357m Growth Deal for the Midlands

Nick Clegg

The Deputy Prime Minister, Nick Clegg, has signed a historic Growth Deal for Birmingham and Solihull, bringing over £357 million of investment to the region to support economic growth.

The Growth Deal will help to deliver at least 13,000 jobs, allow up to 4,000 homes to be built and up-skill 7,633 people by 2021, as well as generating up to £80 million in public and private investment.

In addition, the Regional Growth Fund is providing £1.8 million towards a £17 million investment which has enabled HydraForce UK to build a new, bespoke 120,000 square-foot factory in Birmingham.

This will create and safeguard almost 200 long-term jobs while generating upwards of 100 jobs in HydraForce’s supply chain.

The Deputy Prime Minister confirmed other Regional Growth Fund awards, including Dana UK Axle, which has secured a £1 million grant to increase capacity and install cutting-edge technology, creating 400 jobs in high-tech manufacturing.

Sertec Group Holdings secured a £1.425 million RGF grant to help deliver its project to invest in new stamping equipment and robotic welding cells at their plants in Aston, Coleshill and Tyseley. This will lead to 200 new jobs.

The Deputy Prime Minister Nick Clegg said: I’m delighted to be finalising this historic deal bringing real change to our second largest city in the UK. This significant Growth Deal will enable a whole host of jobs to be created, see scores of homes built and transport services improved. All of this is a major boost to the economy in Greater Birmingham and Solihull.

Growth Deals are about local areas leading their own growth, giving more power to people in the regions so we can work together to build a strong economy and a fairer society.

I was impressed with HydraForce’s ambitious plans to double its turnover and significantly increase its UK workforce. This US company has been in Birmingham for over a quarter of a century and this investment is securing its future in the Midlands.”

House builders get £40m Cambridge Uni new town deal

House builders get £40m Cambridge Uni new town deal

The University of Cambridge has awarded contracts to two residential developers, Countryside and Hill, to build the market housing on the North West Cambridge Development.

The combined investment will see the house builders delivering 400 homes in the first phase of the development that will boost the trades and create new jobs.

Brian Nearney, Commercial Director of the North West Cambridge Development said: “Our partnerships with Countryside and Hill mark another major chapter in development.

Both developers have demonstrated to the University that they will create new homes that will meet our objectives of sustainable living and exemplar design. We look forward to working with them in delivering this new quarter of the City.”

All 400 market homes as well as the 700 University key worker homes that are part of the first phase of the development will be designed to high levels of sustainability meeting the Code for Sustainable Homes Level 5.

They will be integrated into the Sustainable Urban Drainage System including the UK’s largest non-potable water recycling system, as well as the district heating network, and make extensive use of photovoltaics.

Hill, working with Pollard Thomas Edwards and Alison Brooks Architects, and Countryside, working with Proctor and Matthews Architects, will deliver a mix of housing types, including apartments, terraces, semi-detached and detached houses for the scheme.

Graham Cherry, Chief Executive of Countryside’s New Homes & Communities division said: “We are delighted to have been selected by the University of Cambridge to help create a dynamic new district that will form the next chapter in the evolution of Cambridge.

Working with Proctor and Matthews we will use our design and place making skills to create a quarter that will set new standards for 21st century living.”

Brian Buckingham, Partner of Bidwells said: “It is exciting to have worked with the University to secure two strong local developers from the competition to deliver the market housing – they will set the benchmark for the quality of homes for the later phases of the scheme and underpin the ambitions of the University to create a long-lasting place.”