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Start Up Loans passes 75,000th loan milestone marking more than £623m invested in British start ups

Start Up Loans passes 75,000th loan milestone marking more than £623m invested in British start ups

 01/09/2020

  • The Start Up Loans programme delivers its 75,000th loan since 2012
  • Almost one in five (20%) loan recipients come from BAME backgrounds
  • Two in five (40%) loan recipients are women
  • One in three (33%) were unemployed when they applied for a loan
  • The North West has the highest number of loans outside of London

The British Business Bank’s Start Up Loans (SUL) programme today announces it has issued its 75,000th loan, marking more than £623 million invested in small businesses since its launch in 2012.

Start Up Loans saw a significant rise in loans issued since the start of the pandemic in the UK. May to July 2020 saw a total of £31.9 million of funding drawn down, compared to £22.9 million in the same period the previous year, an increase of more than 39%.  July 2020 has been the record month for drawdowns since 2014, as restrictions eased and entrepreneurs were able to start to get back to business and continue their growth plans.

Start Up Loans has lent money and provided mentoring support to aspiring business owners in every region of the United Kingdom and its impact has been particularly noticeable in areas of deprivation.

Diversity has been reflected across the UK within Start Up Loans as shown by 20% of loan recipients coming from BAME backgrounds and 40% of loan recipients being women. This is a trend that we have seen in the North West and is positive news for the region as cultural and gender diversity within business equals success, higher engagement, increased attraction of talent, and more.

As a region, the North West received the highest number of loans outside of London with 7,961 or 12% of all loans issued investing £58 million into the start-up economy. The South East received 5,570 loans (9%) worth £46 million, followed by the West Midlands where a total of 5,331 loans (8%) were provided for a value of £40 million.

GC Business Finance provides personal loans for business Start Up from £500 to £25,000 at a fixed rate of 6% per annum, with no setup or early repayment fees, coupled with a package of support. We aim to support individuals looking to start a business, early-stage and established businesses who have not been able to get finance from mainstream providers.

UK region

Loans made

Amount Lent (£)

Average Loan Amount (£)

North West

9,219

74,692,327

8,102

Grand Total

74,737

623,756,999

8,346

 

I would highly recommend the GC Business Finance for anyone looking for a start-up loan for their new business venture. Glenn Hyde, Senior Loan Manager, was extremely informative and made the process straight forward and stress free. He was on hand with a fast response to any questions I had and the successful outcome regarding my loan was delivered within days. First class service.’ Mel Anderson, Glamour Pups Boutique

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