More than 5,600 firms in the East Midlands have been given government loans averaging £9,200 under the Start Up Loans scheme.
The scheme has recently given its 100,000th loan since the scheme was established in 2012, bringing the total support given to firms nationwide to more than £941 million, including £51.6m in the East Midlands.
The scheme, administered by the British Business Bank, offers financial support, guidance, and advice to entrepreneurs looking to start their own business.
Business Minister Kevin Hollinrake said: “We know how important small businesses are to our communities, creating jobs, growth, and opportunities, and that is why we are backing them all the way to not only start up, but to scale up.
“As a former business owner, I know how difficult it can be to get your business off the ground, which is why I’m incredibly proud that Government-backed Start Up Loans have helped 100,000 aspiring entrepreneurs to make their dreams a reality.”
Of the total of more than 100,000 loans, 40 percent have gone to women and one in five to people from black, Asian, and other ethnic minority backgrounds.
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.
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 network of UK 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.”
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.
