Entrepreneurs who have started a business through the government-funded Start Up Loans Company can now access second-phase funds from the high street bank Santander UK plc, with more banks in the pipeline to follow suit.
From this week, Santander will provide second-phase funding to Start Up Loan businesses that have shown growth and promise, with a minimum of six months of trading.
Each entrepreneur can apply for up to £25k, with Santander relaxing the lending criteria for Start Up Loan entrepreneurs, as part of their continued contribution to the growing economy and the promotion of enterprise.
This partnership highlights the success of the Start Up Loans scheme which, in 11 months, has provided funding and mentors to over 8,000 entrepreneurs in every sector, across all regions in England and Northern Ireland.
Start Up Loans has grown significantly since its inception a year ago, starting 30 businesses daily.
The Chairman of Start Up Loans, James Caan, said:
“Second-phase funding from Santander recognises the great progress the Start Up Loans Company has made in stimulating entrepreneurship and start-ups in this country.
“Their commitment enables our entrepreneurs to graduate into the more traditional lending routes, previously closed off to young budding entrepreneurs, demonstrating the powerful role that Start-Up Loans play in creating a new generation of entrepreneurs.”
Of the new partnership, Steve Pateman, head of UK Banking at Santander, said:
“Start Up Loans are providing exceptional advice and guidance to entrepreneurs, and by partnering with them we are able to provide second-stage funding to start ups, making finance more widely available to small businesses.
“This helps us bridge the funding gap that many entrepreneurs encounter and supports our aim to be the banking partner of choice for businesses.”