Business Enterprise Fund injects £50 million in Start Up Loan funding for Northern entrepreneurs

Business Enterprise Fund, a partner for the British Business Bank’s Start Up Loans scheme, has provided Northern businesses with over 4,500 loans through the programme, totalling more than £50 million.

Through Start Up Loans, Business Enterprise Fund has supported the founders of smaller businesses across a range of sectors and locations, with female-founded businesses receiving 37% of loans. Business owners from an Ethnic Minority background made up 14% of loans and young entrepreneurs aged 18-24 received 8% of loans.  

Start Up Loans provides personal loans for business purposes, which means each director can secure up to £25,000 worth of funding, up to a maximum of £100,000 per business. 

Stephen Waud, CEO at Business Enterprise Fund, said:

“I’m so proud of Business Enterprise Fund’s achievement, providing £50m to smaller businesses through the Start Up Loans programme. This crucial funding has a huge impact on people and businesses across the whole country, and we’re really lucky to get to meet and work with these people day-to-day, supporting their ambitions and helping them achieve their dreams. We look forward to continuing this work, providing accessible funding to the smaller business community.” 

Louise McCoy, Managing Director, Start Up Loans Products, British Business Bank said:

“The Start Up Loans programme is crucial in supporting new and early-stage businesses. It helps to propel business growth and prosperity around the country, and it’s amazing to see Business Enterprise Fund achieving this significant milestone. Smaller businesses are £50m better off thanks to the Business Enterprise Fund team, as they provide access to finance in the early stages of a business’ journey.” 

 As an official Business Support Partner for the Start Up Loan programme, Business Enterprise Fund operates within a network of Business Support Partners, delivering Start Up Loans in the range of £500 to £25,000 across the UK.