Lending to small businesses outside London through the government backed Start Up Loans scheme has passed the £600m milestone, helping to create jobs, expand businesses and level up areas.
The scheme offers loans of up to £25,000 as well as dedicated business advice and is run by the British Business Bank.
Loans have gone to a huge range of companies, including businesses making vegan bags in Yorkshire, bespoke wooden furniture in Northern Ireland and rum cakes in the Lake District.
Businesses and entrepreneurs in the North West of England received the most loans outside London, totalling over £94m, with those in the South East receiving over £81m and Yorkshire & The Humber receiving over £68m.
Small business minister, Paul Scully, said: ‘There is so much creativity and dynamism across the UK, but without access to funding and support it’s difficult to fully unlock the entrepreneurial spirit that makes this country great.
‘The Start Up Loans programme has helped a diverse range of entrepreneurs across the UK to get their business ideas off the ground, levelling up the entire country and enabling talented business leaders from all backgrounds to flourish.’
Richard Bearman, managing director of Start Up Loans, added: ‘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 SMEs 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.
‘We are proud that our loans, mentoring and support for aspiring and existing entrepreneurs is helping to support the Build Back Better agenda and we’re delighted to have been able to help Will make his dream into a reality.’
In related news, nearly 200 businesses have been named and fined for breaking the national minimum wage law, with Her Majesty’s Revenue and Customs (HMRC) finding that over £2m was owed to workers.
Photo by Hunters Race