GEOFFREY Cox, MP for West Devon and Torridge, has welcomed new figures showing the Conservatives' Start-Up Loans and New Enterprise Allowance schemes are supporting many people in his constituency to set up their own business — helping to provide growth and jobs for hardworking families in the area.

The figures show that Start-Up Loans have helped 49 people in West Devon and Torridge to set up a business with £245,887 worth of loans since the scheme launched in 2012. The New Enterprise Allowance has also helped another 90 people to launch their own business.

Mr Cox believes small businesses are an essential part of our community, bringing jobs and economic security. Encouraging business creators is a vital part of our long-term economic plan to secure a better future for Britain.

Across Britain 30,000 people have now benefited from the Start-Up loans scheme — with £155 million lent to help new businesses get going. This is progress towards the Conservatives' commitment to increase the number of loans to 75,000.

The New Enterprise Allowance scheme, which launched in 2011, has seen another 70,000 new businesses set up. The scheme — which is available to jobseekers and those claiming Income Support or Employment and Support Allowance — gives those with a feasible business idea support from a business mentor to help them develop their plan, and then seed funding if the plan is approved.

Mr Cox said: 'Our long-term economic plan is aiming to make Britain the best place in the world to start and grow a business.

'These figures show that our Start-Up Loans and New Enterprise Allowance are helping us to do just that, with 139 people here in Torridge and West Devon supported, so that new companies can be launched and new jobs for hardworking people are created.

 'This support is giving people in all parts of the country the chance to fulfil their ambition to set up their own business, and as a one-nation government, we will take this further over the next five years, with a commitment to increase the number of Start-Up Loans to 75,000, as we work to create jobs and opportunities for families across Britain.'