Start Up Loans, part of the British Business Bank, has today announced its new Business Support Partners (BSPs) – three national partners and a number of regional support partners including Business Enterprise Fund (BEF). The new appointments will work with the Start Up Loans programme to deliver funding and support for small businesses across the UK over the next two years. BEF will work to support founders in Yorkshire and The Humber along with the North East.
The scheme has a 10-year legacy of delivering funding at a fixed interest rate of 6% and mentoring to recipients in their first year. Since inception, the scheme has delivered over 100,000 loans worth more than £960 million to businesses and its delivery partners (now renamed as Business Support Partners) have always been critical to its success.
Start Up Loans’ impact has been particularly noticeable among individuals who might find it difficult to secure loans from traditional lenders, which has always been a priority for the scheme. New BSPs share – and will help deliver on – this ambition of providing support tailored to all demographics in society.
Richard Bearman, Managing Director, Start Up Loans, said:
“I am delighted to share the first phase of our newly appointed BSPs, who will help us ensure that anyone wanting to start a business has the opportunity to do so, regardless of their location, economic circumstances or social background.
We are incredibly proud of the success of the scheme since 2012 and the choice to review the partners we work with has been undertaken to offer new businesses the chance to compete for the work. It will ensure the scheme is working with partners that provide the best possible support to those who need it. In particular, our new BSPs will help us deliver our ambition of providing a market leading 50/50 split between male/female loan recipients”.
Stephen Waud, Chief Executive Office at BEF, said: “A commitment to supporting SMEs across the Yorkshire, The Humber, and the North East sits at the very heart of our strategy at BEF, so this new contract positions us well to continue delivering on this over the coming years. The Start Up Loans programme offers a wide array of opportunities for both individual SMEs, as well as the wider economy, helping to drive job growth and uplift communities across the Yorkshire, The Humber, and the North East .”
About Start Up Loans
The Start Up Loans programme 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.The primary aim of the Start Up Loans programme is to ensure that viable start-ups and early-stage businesses have access to the finance and support they need in order to thrive. A network of Business Support Partner organisations supports applicants in all regions and industries throughout the UK. The Start Up Loans programme is not designed to generate a commercial profit. Capital payments together with the interest are recycled to help meet our customers’ increasing demands for finance.
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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