Government delivers over one billion pounds of support to over 100,000 small firms

Over one billion pounds has now been delivered to scale up small businesses through the government backed Start Up Loan scheme.

A government backed loan scheme created to help entrepreneurs start and scale up their business has now provided over £1 billion of funding to over 100,000 businesses.

From an activewear firm in Northern Ireland, to a drum manufacturer in Wales, a whisky firm in Scotland to a climbing centre in the southwest of England – every nation and region across the UK has benefitted from these loans, supporting entrepreneurs from all walks of life.

Delivered through the state-owned British Business Bank, the Start Up Loan scheme was developed and launched by the government in 2012 to help new and early-stage UK businesses without sufficient personal funds or support from friends and family to access affordable finance and mentoring support.

Through this combined access to finance and expert advice, more small businesses can develop and reach their potential, delivering economic growth and a boost to local communities.

Small Business Minister Kevin Hollinrake said:

“We’re delivering on the Prime Minister’s priority to grow the economy and make the UK the best place in the world to start and scale up a business.

“Across all four nations and every region of the UK, we’ve supported exciting entrepreneurs through one billion pounds of government backed loans, and I want to see even more innovators reach their potential.”