The British Business Bank’s Start Up Loans programme today announces it has passed a major milestone of £600 million worth of loans delivered outside of London, providing 68,559 loans to entrepreneurs outside of the Capital since its launch in 2012.
Start Up Loans provides mentoring, support and funding to aspiring business owners in every corner of the United Kingdom and the bank says its impact has been particularly noticeable among individuals who might find it difficult to secure finance through traditional lenders.
The North West received the highest number of loans outside of London with a volume of 10,881 (12%) worth over £94 million. The South East received 8,378 loans (10%) worth over £81 million, followed by Yorkshire & The Humber where a total of 7,497 loans (9%) were provided at the value of over £68 million.
The British Business Bank claims that these figures reflect the regional diversity of entrepreneurialism across the country and highlight the success of the programme in supporting SMEs that reside outside of the entrepreneurial hub of London.
Richard Bearman, managing director of Start Up Loans, said: “Providing £600 million worth of funding to new businesses outside of London is a huge milestone for the government backed Start Up Loans programme and reflects the broad diversity and ambition of the nation’s small businesses at a grass roots level across the whole country.
“We have always been committed to providing support and funding to smaller businesses that hail from each corner of the country, particularly in areas of deprivation where people may struggle to access funding, and this milestone is tribute to that.”
