Sherwood MP Mark Spencer has welcomed news that 39 loans worth a total of £148,598 have been given to new businesses across council districts in his constituency.
The government-funded Start-up Loans initiative provides support for innovative businesses ideas.
A total of 17 loans worth £79,048 have been accepted for Gedling along with 15 loans worth £47,500 for Ashfield, and seven loans valued at £22,050 for Newark and Sherwood.
The figures were revealed following ‘Small Business Saturday’ which was aimed at boosting local traders.
Mark, who visited many local businesses in the run-up to the event earlier this month, said it had demonstrated how much people rely on small businesses and why it is so important for the government to create incentives that allow businesses to succeed.
He said: “All businesses have to start small and Start-up Loans enable enterprising people to start their businesses and help to stimulate the economy and create jobs.
“This is about re-balancing our economy and growing the private sector with Start-up Loans giving people the opportunity put their ideas into practice
“After the success of ‘Small Business Saturday’ I am pleased to welcome new entrepreneurs and I wish them the best of success with their ideas.”
So far 11,500 businesses have been backed with more than £57 million worth of loans.