The government’s Start Up Loans scheme has provided £779 million in loans to businesses delivering support for entrepreneurship across the UK.
Aspiring business owners receive up to £25,000 through the Start Up Loans scheme, run by the British Business Bank, delivering support that they may have otherwise struggled to get through a commercial bank loan.
The scheme also provides mentoring to those starting their business venture, and offers extensive support to women entrepreneurs, entrepreneurs from ethnic minority backgrounds and the previously unemployed.
Small Business Minister Paul Scully said ”There is so much creativity and dynamism across the UK, but without access to funding and support it’s difficult to fully unlock the entrepreneurial spirit that makes this country great.
The Start Up Loans programme has helped a diverse range of entrepreneurs across the UK to get their business ideas off the ground, levelling up the entire country and enabling talented business leaders from all backgrounds to flourish.”
The latest figures show 40% of Start Up Loans have gone to women business leaders, 20% to people from an ethnic minority background and around 35% to those who had previously been unemployed.
Richard Bearman, Managing Director of Start Up Loans, said: “We are proud that our loans, mentoring and support for aspiring and existing entrepreneurs is helping to support the Build Back Better agenda.”
- The Start Up Loans scheme provides personal loans for business purposes of up to £25,000 at a 6% fixed interest rate per annum and offers free dedicated mentoring and support to each business
- The primary aim of the Start Up Loans scheme is to ensure that viable start-ups and early-stage businesses have access to the finance and support they need in order to thrive. A network of delivery partner organisations support applicants in all regions and industries throughout the UK
- the funding for the Start Up Loans scheme is provided by BEIS. The Start-Up Loans Company is a subsidiary of the British Business Bank plc
- since 2012, the Start Up Loans scheme has delivered more than 87,000 loans, providing more than £779 million of funding
- in the financial year 2020/2021, the scheme provided 11,408 loans with a total value of approximately £137.2 million
- at Spending Review 2020, the Chancellor announced an increase in funding for the Start Up Loans programme so that it can provide 1,000 more loans in 2021/2022 than were originally funded in the March 2020 Budget
- for more information about Start Up Loans, please visit: www.startuploans.co.uk/