Start Up Loans celebrates 100,000 loans worth more than £941 million to UK businesses
- Since launching in 2012, the Start Up Loans programme has delivered over 100,000 loans worth more than £941 million, to businesses across the UK
- The economic impact of the loans is estimated to be more than £5.3 billion
- West Midlands has 8,278 loans (8.2%) worth more than £76 million
Start Up Loans, part of the British Business Bank, announces that the 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.
Businesses in the West Midlands have contributed to this through 8,278 of the loans, 8.2% of those taken out across the country with the amount being worth more than £76 million.
Of the 8,278 West Midlands loans, 40% have been to women and 26% to people from Black, Asian and Other Ethnic Minority backgrounds (not including White Minorities). Young people between 18-24 years old have received 18% of loans since 2012.
The Marches Local Enterprise Partnership supports the work of the British Business Bank in providing access to finance for businesses across Herefordshire, Shropshire and Telford & Wrekin.
Current SUL Ambassador for the West Midlands, Nirmla Warwood, founder of Thatch and Stone, an interior accessories company, took out her loan of £25,000 in 2020 to start the business.
The loan not only allowed Nirmla to start the business but provided her with the means to expand the business rapidly where she experienced a 57 per cent sales increase the following year in 2021.
Nirmla Warwood, Founder of Thatch and Stone said: “I founded Thatch and Stone in what for everyone was a time of uncertainty with the pandemic, however the process with the Start Up Loans and British Business Bank was clear and straight forward and made me feel reassured with starting this business.
“Now we are a few years in and the business is doing well with the help of what has been provided to me – 100,000 loans have now been provided and it is easy from my perspective to see why.”
The 100 thousandth loan was drawn down by James Fraser, owners of Ramen Electra in St Albans, Hertfordshire.
Richard Bearman, Managing Director, Start Up Loans said: “Start Up Loans is instrumental in supporting people across the UK who are looking to start their own businesses, and passing our one hundred thousand loan milestone is an amazing achievement ten years in the making. We could not have achieved this without the dedicated support of our Delivery Partners, UK network or in-house team and I’d like to take this chance to thank them for everything they do to make our work possible.”
This announcement follows the recent news that Start Up Loans has become an official partner of the StartUp Award Series 2023, as well as the launch of the British Business Bank’s Guide to Business Resilience https://www.startuploans.co.uk/business-advice/start-up-loans-guide-to-business-resilience/, a guide created in response to the economic challenges faced by small businesses in 2023. Covering eight key topics for business success, the guide provides practical and actionable guidance for start-ups on what they can do to reduce costs, boost profitability, and increase the resilience of your business, whatever the future holds.