British Business Bank announced start up loans’ new business support partners

Start Up Loans, part of the British Business Bank, has announced its new Business Support Partners (BSPs) – three national partners and a number of regional support partners. The new appointments will work with the Start Up Loans programme to deliver funding and support for small businesses across the UK over the next two years.

The Start Up Loans Company provides personal fixed-interest loans and support to aspiring and early-stage business owners from across the UK who might be struggling to access other forms of finance. The programme supports employment, enables economic growth and has a transformational impact on the lives of thousands of people. The scheme has a 10-year old legacy of delivering funding at a fixed interest rate of 6% and mentoring to recipients in their first year. Since inception, the scheme has delivered over 100,000 loans worth more than £960 million to business and its delivery partners (now renamed as Business Support Partners) have always been critical to its success.

When you apply for a Start Up Loan, they assign you to one of their business support partners. Where possible, they try to match you with a business support partner that operates in your local area. The business support partner will pair you with a business adviser who will help you move things forward and be your key point of contact throughout the process. Their business support partners operate in various regions and industries across England, Wales, Scotland and Northern Ireland, and they work closely with them to ensure that responsible lending decisions are made.

The new national BSPs will support businesses across the UK and target specific demographics traditionally in need of additional support. They are a network of leading business support organisations with the expertise to help our customers secure a loan to start or grow their business. Some of them include:

  • GC Business Finance: A responsible lender with a proven track record in providing alternative finance products to support growing businesses achieve their goals. To date it has loaned in excess of £150m and supported over 30,000 growing businesses throughout the UK.
  • X-Forces Enterprise: A specialist organisation that helps members of the Armed Forces and Emergency Service communities, including their family members, nurture their entrepreneurial ambition, secure funding and make their business plans a reality.
  • The Prince’s Trust: A youth charity that helps young people aged 13 to 30. Its Enterprise programme helps turn young people’s big ideas into fully fledged businesses. It has helped over 90,000 young people to start their own business.

To make sure you are supported effectively, you will only be able to work with one business support partner and you won’t be able to change this once you’ve submitted your application: Business Support Partners, Specialist Partners or Post Loan Support. Learn more here.

 

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