Start Up Loans celebrates £350m of loans to businesses

Start Up Loans, part of the British Business Bank, announces that the programme has delivered more than 36,700 loans worth more than £352m to businesses in East England.

The figures point to the spirit of entrepreneurship across the region. Yorkshire & The Humber has received over 8,700 loans worth over £83m since 2012.

Of these loans, 3,021 amounting to more than £35.4m were drawn down in the region since the pandemic began; this equates to 43 per cent of the total value of loans delivered over the lifetime of the programme.

Impressive figures for entrepreneurship during the pandemic show how people have been helped by Start Up Loans to launch their own businesses when conditions in the job market were difficult.

Small Business Minister Kevin Hollinrake said: “If we are to unlock economic growth, we need to remove the barriers faced by the UK’s most innovative entrepreneurs when it comes to accessing funding and growing their business.

“Backed by more than 8,715 loans worth more than £83m our most dynamic small businesses across Yorkshire & The Humber have been able to tap into government support to flourish and fast-track their business ideas and innovations to market.”

Sophie Dale-Black, UK network director – Midlands and North of England, said: “It’s a testament to the entrepreneurial spirit of Yorkshire & The Humber that we’re celebrating such a significant milestone, over £350 million pounds, invested across the Eastern regions since 2012.

“I am particularly proud of the fact that we have been able to support such a huge volume of young aspiring business people and their start up ventures in the East, which represents 30% of the total across the entire of the UK.”

Chantal Charles-Smith, founder of Laughing Llama Coffee and Bistro, York, Yorkshire & The Humber, said: “The business community in the Yorkshire and the Humber is going from strength to strength. As one of the Ambassadors for Start Up Loans, I am grateful to be in a position to inspire and support other aspiring business owners.”

“Having a strong local business network and information that is easily accessible are vital for making that first step into business ownership.

“The figures show that more and more entrepreneurs are taking the plunge, which is testament to the business community we have here. I would urge anyone thinking about starting their own venture to go for it in the New Year.”