£250 million of Start Up Loans have been made available to entrepreneurs, Business and Energy Secretary Greg Clark announced on 31 August.
Since 2012, Start Up Loans worth a quarter of a billion pounds have been agreed with start-up businesses to support them in getting up and running with finance and support.
Funded by Government through the British Business Bank, Start Up Loans generate a return on investment to the economy of £3 for every £1 spent. Businesses up and down the country from digital start-ups to recreational centres have benefitted from the Government scheme.
Business and Energy Secretary Greg Clark said: “Whether you live in England, Wales, Scotland or Northern Ireland, and whatever your age, everyone should have the chance to turn a great business idea into a reality.
"British entrepreneurs and small businesses are the backbone of our economy. This Government will build on the success of Start Up Loans to give entrepreneurs the support and opportunities they need to start a business, grow it in Britain and turn it into a global success story.”
Small Business Minister Margot James said: “Small businesses play a vital role in local communities, bringing them together and giving millions of people good jobs and livelihoods. With one in five Start Up Loans going to deprived areas in the UK, they are one of the many tools we have to build an economy that works for all.”
At the start of 2016, there were a record 5.4 million small and medium-sized enterprises (SMEs) in the UK, many of which are Asian, creating more than 15 million jobs and contributing £1.8 trillion to our economy.
The Start Up Loans Company not only offers fixed rate loans of up to £25,000 but also provides access to free business support for people starting out for the first time in business.
