100,000 British small businesses benefit from government-backed Start Up Loans

The government’s Start Up Loans scheme has achieved another landmark milestone as the 100,000th business loan is granted.

100,000 British small businesses benefit from government-backed Start Up Loans

The government’s Start Up Loans scheme has achieved another landmark milestone as the 100,000th business loan is granted, bringing the total support given to firms to more than £941 million, it has been announced today (Thursday 2 February).

The scheme, administered by the British Business Bank, offers financial support, guidance, and advice to entrepreneurs looking to start their own business.

Business Minister Kevin Hollinrake visited the 100,000th recipient, a thriving St Albans based noodle shop Ramen Electra, run by James Fraser, to hear about how crucial the firm’s Start Up Loan was in getting the successful business off the ground and to mark the important milestone.

Business Minister Kevin Hollinrake said:

We know how important small businesses are to our communities, creating jobs, growth, and opportunities, and that is why we are backing them all the way to not only start up, but to scale up.

As a former business owner, I know how difficult it can be to get your business off the ground, which is why I’m incredibly proud that Government-backed Start Up Loans have helped 100,000 aspiring entrepreneurs, from Shetland to Shoreditch, to make their dreams a reality.

Of the total of more than 100,000 loans, 40 percent have gone to women and one-in-five to people from Black, Asian, and other ethnic minority backgrounds.