26 September 2016 15:45
Start Up Loans hit £250 million milestone
The Government's Start Up Loans scheme has helped thousands of new businesses get up and running since it was launched in 2012, creating more than 45,000 new jobs and providing £250 million in funding.
Announcing the figures, business and energy secretary Greg Clark said Start Up Loans have generated a return on investment to the economy of £3 for every £1 spent.
Funded by the Government through the British Business Bank, the scheme has helped thousands of budding entrepreneurs, including many young people. Half of all Start Up Loans for people aged 18-24 go to those formerly not in employment, education or training.
Greg Clark said:
"Everyone should have the chance to turn a great business idea into a reality. This Government will build on the success of Start Up Loans to give entrepreneurs the support and opportunities they need to start a business, grow it in Britain and turn it into a global success story."
Small business Minister Margot James said:
"With one in five Start Up Loans going to deprived areas in the UK, they are one of the many tools we have to build an economy that works for all."
There are now 5.4 million small and medium-sized enterprises (SMEs) in the UK, creating more than 15 million jobs and contributing £1.8 trillion to the economy.
Emma Jones, Founder of Enterprise Nation, said:
"Start Up Loans have plugged an essential gap for new businesses looking for funds. We've heard from hundreds of start-ups who not only benefit from the money, but also the mentoring that comes with it. The UK continues to witness record start-up rates and the Start Up Loans Company has been a key enabler of this - helping people across the UK to take an idea and give self-employment a go."
The Start Up Loans Company offers fixed rate loans of up to £25,000 and provides access to free business support for people starting out for the first time in business.