The Government’s ‘Start Up Loan’ programme has now provided £600 million to small business outside of the London area. The milestone has been reached, with a Northern Irish firm in the woodcutting business receiving the 600 millionth pound in a loan. The scheme of Government-backed loans aims to provide “outside capital, helping them to create jobs, expand and level up”.
The North-West of England is the region which has received the most loans outside of London, totalling over £94 million. A wide range of small businesses have benefited from the scheme, which also provides mentoring to those starting their business venture, and “offers extensive support to women entrepreneurs, entrepreneurs from ethnic minority backgrounds and the previously unemployed”.
The latest figures show 40% of Start Up Loans have gone to women business leaders, 20% to people from an ethnic minority background and around 35% to those who had previously been unemployed.
“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”, said Small Business Minister Paul Scully.