Businesses in the North West have now secured a total of £94 million in Start Up Loans from the British Business Bank, the highest of any UK region outside London.
The government investment bank has surpassed a total of £600 million worth of loans given to new businesses across the UK since the Start Up Loans scheme launched in 2012. Over 10,000 North West businesses have benefited from the scheme, receiving on average over £8,600.
The £94 million provided to North West businesses since 2012 represents over 12% of the total lent in the Start Up Loans programme, provides mentoring, support and funding to aspiring business owners in addition to finance. 39% of the total provided in the North West went to female entrepreneurs and their businesses.
Sophie Dale-Black, British Business Bank UK Network Director, North of England, said:
“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 the strength of the North West reflects the broad diversity and ambition of the region’s small businesses at a grass roots level.
“We have always been committed to providing support and funding to small businesses 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 Elaine make her dream into a reality.”
Small Business Minister Paul Scully said:
There is so much creativity and dynamism in the North West and across the UK, but without access to funding and support it’s difficult to fully unlock the entrepreneurial spirit that makes this country great.
“From Kendal mint cake, to lead pencils and Peter Rabbit, the Lake District has a proud history of creativity and innovation, a legacy which dynamic new businesses like Vie’s Rum Cakes are continuing.
“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.”