Loughborough MP Nicky Morgan is highlighting a Government-backed scheme boosting small businesses as newly released figures show more than 60 Loughborough start ups have benefited from funding.
The Start Up Loans scheme, operated by the British Business Bank, has lent more than £500 million to small businesses up and down the country since it was set up in 2012.
In Loughborough 61 loans have been made, worth £432,076, since the scheme was introduced.
The Start Up Loans programme not only lends money but also provides mentoring support to aspiring business owners. Reflecting the diversity of the United Kingdom’s start up community almost two fifths of loans have been made to women entrepreneurs; more than one in five to the Black, Asian and Minority Ethnic community; and more than a third of loan recipients were unemployed when they applied for the loan.
Nicky said “Small businesses are a hugely important part of our community and often the seed of innovation which grows into far bigger enterprises.
“So many local people have wonderful ideas for small businesses, and a drive to succeed, but need help in getting their concept off the ground. The Start Up Loan Programme is a great way to receive both financial support and business expertise which enables those plans to become reality.”
Since 2012 across the East Midlands 3,602 loans totalling £26 million have been provided to small businesses, with 1,536 being granted where the owner was previously unemployed.
Patrick Magee, Chief Commercial Officer of the British Business Bank, said “We’re absolutely delighted that we have supported so many fantastic small business owners from up and down the country. The hard work and determination of the UK’s 5.7 million small businesses make a huge contribution to society, and it’s great to see the latest research showing that the economic benefits of the Start Up Loans programme are nearly six times its economic costs.
“We’re committed to helping small businesses prosper and grow and we look forward to supporting many more in the future.”
Kelly Tolhurst, Minister for Small Business, said “It is a great cause for celebration the Start Up Loans has surpassed the £500 million loans landmark. This represents thousands of people who were helped to follow their passion and start their own businesses, helping to create new jobs and boost economic growth across the UK.
“Small businesses are the lifeblood of our economy and a key part of a modern Industrial Strategy is building a Britain the encourages people to start their own business whatever their background.
“Start Up Loans are critical in allowing people across the country to follow their passion, become their own boss, create opportunities in their communities and contribute to Britain’s thriving small business sector.”
Start Up Loans, part of the British Business Bank, was formed in June 2012. 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.
Free guides on a range of subjects related to starting a business are available on the Start Up Loans website: https://www.startuploans.co.uk/free-start-up-guides/
