Start Up Loans, part of the British Business Bank, announces that its programme has facilitated over 100,000 loans worth more than £941 million to businesses throughout the UK. The figure marks a significant milestone for the programme since its creation in 2012.
Of the total 100,228 loans, 40% have been to women and 20% to people from Black, Asian and Other Ethnic Minority backgrounds (not including White Minorities). Young people between 18-24 years old have received 14% of loans since 2012.
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.
The 100 thousandth loan was drawn down by James Fraser, owner of Ramen Electra in St Albans, Hertfordshire.
Nina Daniels, founder of Nina-D in Altrincham, Cheshire is a business owner who is growing thanks to a Start Up Loan delivered by BEF.
| Local Authority | Loans Made | Amount Lent (£) |
|---|---|---|
| Birmingham | 2,003 | 16,856,536 |
| Leeds | 1,354 | 13,217,488 |
| Cornwall | 1,319 | 13,298,044 |
| Hackney | 1,178 | 9,719,519 |
| Manchester | 1,134 | 10,736,773 |
| Lambeth | 1,127 | 9,698,506 |
| Lewisham | 1,114 | 8,719,479 |
| Southwark | 1,088 | 9,104,758 |
| Croydon | 1,064 | 8,449,671 |
| Liverpool | 1,044 | 8,378,623 |
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.”
Business Minister, Kevin Hollinrake said: “Reaching 100,000 Start Up Loans is an incredible achievement and shows the strength of this government’s commitment to backing small businesses. It’s important to remember that behind each of these loans is a business that now has the chance to grow, thrive, and prosper. We are proud to stand shoulder to shoulder with our great British entrepreneurs as we pass this important milestone.”
Start or grow your business with a Start Up Loan delivered by BEF
A Start Up Loan is a government-backed personal loan available to individuals looking to start or grow a business in the UK. You borrow £500 to £25,000 over 1–5 years at a fixed rate of 6% per annum. Up to four founders and partners can apply per business.
Apply online now.
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