Start Up Loans, part of British Business bank, announced that its program has facilitated over 100,000 loans worth more than £941 million to businesses throughout the UK. The programme supports viable start-ups and early-stage businesses access the finance and support they need in order to thrive.
British Business Bank is a government-owned business development bank devoted to ensuring finance markets work better for smaller businesses, at different stages of their journey, helping them grown, prosper and build economic activity. The Start-Up Loans Scheme is a government backed programme available to individuals looking to start or grow a new business in the UK, providing personal loans of up to £25,000 at a 6% fixed interest rate per annum and free dedicated mentoring and support to each business.
Since its launch in 2012, Start Up Loans has delivered over 100,000 loans worth more than £941 million, to businesses across the UK, with London receiving 20,937 loans, a 20.8%, worth more than £192 million. The economic impact of the same is estimated to be more than £5.3 billion, with the economic benefits of the programme being almost six (5.7) times more than its economic costs.
The program also has a focus on equitable distribution
The announcement also follows the recent news that Start Up Loans has become an official partner of the Start Up Award Series 2023 , as well as the launch of the British Business bank’s guide to Business Resilience, a guide created in response to the economic challenges faced by small businesses in 2023. The guide provides practical and actionable guidance for start-ups on areas like reducing the costs, boost profitability, and increase the resilience of your business for the future.
Richard Bearman, Managing Director, Start Up Loans said: “Start Up Loans supports people across the UK who are looking to start their own businesses, and passing our one hundred thousand loan milestone is an amazing achievement that has been ten years in the making. We could not have achieved this without the dedicated support of our UK Network of delivery partners, and in-house team and I’d like to take this chance to thank them for everything they do to make our work possible.”