Government is backing UK entrepreneurs with £ 600million start-up loans outside London

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The government’s start-up loan scheme has provided £ 600million in loans to businesses outside London, providing extensive support for entrepreneurship in UK home countries and regions.

Loans have been made to a wide range of businesses, including companies making vegan bags in Yorkshire, bespoke wooden furniture in Northern Ireland and rum cakes in the Lake District.

Firms and entrepreneurs in the North West of England received the most loans outside London, totaling over £ 94million, with those in the South East receiving over £ 81million, followed by Yorkshire & The Humber with over £ 68million.

Aspiring business owners receive up to £ 25,000 under the Start-up Loan Program, run by the British Business Bank, offering support they would otherwise have had trouble getting through a commercial bank loan. The program also provides mentorship to those starting their businesses and offers extensive support to women entrepreneurs, ethnic minority entrepreneurs and those previously unemployed.

These numbers reflect the UK’s large and diverse entrepreneurial spirit and highlight the program’s success in supporting business owners from all walks of life, regardless of where they are based in the country or industry. in which they are found because opportunity government levels across the UK.

Small Business Minister Paul Scully said: ‘There is so much creativity and dynamism across the UK, but without access to finance and support it is difficult to fully unleash entrepreneurship. which makes the greatness of this country.

“The Start Up Loans program has helped a wide range of entrepreneurs across the UK bring their business ideas to life, bring the whole country up to speed and empower talented business leaders from all walks of life to blossom.

The latest figures show that 40% of start-up loans went to women entrepreneurs, 20% to people from an ethnic minority and around 35% to people who were previously unemployed.

Richard Bearman, Managing Director of Start Up Loans, said: “Providing £ 600million in financing to new businesses outside London is a milestone for the government-backed start-up loan program and reflects the great diversity and the ambition of the country’s small businesses. at the local level across the country.

“We have always been committed to providing support and financing to SMEs from every corner of the country, especially in disadvantaged areas where people may find it difficult to access finance, and this milestone is a tribute to that.

“We are proud that our loans, mentorship and support for aspiring and existing entrepreneurs are helping to support the Build Back Better program and we are delighted to have been able to help Will make his dream come true.”

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