100,000 British small businesses benefit from government-backed Start Up Loans

The scheme, administered by the British Business Bank, offers financial support, guidance, and advice to entrepreneurs looking to start their own business.

Of the total of more than 100,000 loans, 40 per cent have gone to women and one in five to people from Black, Asian, and other ethnic minority backgrounds.

Meanwhile, young people (aged between 18–24 years old) have received 14 per cent of loans since the scheme was established in 2012.

The top five local authorities by loan volume and value are Birmingham, Leeds, Cornwall, Hackney in East London and Manchester, demonstrating the impact of Start Up Loans across the UK. 

With 12,382 loans in the North West, 7,117 in the East of England, 5,616 in the East Midlands, and 15,39 in Northern Ireland as well as many more across all parts of the UK, the Start Up Loans scheme has seen the entire UK benefit with total economic activity estimated to be around £5.3 billion.

Richard Bearman, managing director, Start Up Loans said Start Up Loans supports people across the UK who are looking to start their own businesses.

The Start Up Loans scheme was recently expanded to provide finance to eligible businesses operating for up to five years to support their expansion. The Business Secretary Grant Shapps also recently announced a ‘Scale-up Summit’ to bring together key technology, development, and finance figures who have accelerated businesses from start-ups to scale-ups.

The Start Up Loans programme provides personal loans of up to £25,000 to aspiring businesses while also providing dedicated mentoring and support to each recipient. The goal of the scheme is to make sure that viable start-ups and early-stage businesses have the finance and support they need to thrive.

Funding for the programme comes from the Department of Business, Energy and Industrial Strategy and is administered by the British Business Bank.