Sunday, June 16, 2024

Our region gets £90million from Government loan scheme

Yorkshire and Humber firms have so far received the second-largest payout share of Government-backed Start-Up loans, with almost £90million awarded.

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.”

The scheme has been particularly successful in supporting entrepreneurs from diverse backgrounds, creating a level playing field for all who wish to run their own small business in the UK.

Last year, the scheme was expanded to provide finance to eligible businesses operating for up to five years to support their growth.

Of the £1 billion, £371 million (40%) has been lent to female business owners and £201 million (20%) has been lent to people from Black, Asian and Other Ethnic Minority backgrounds.

The scheme has also been successful at championing young entrepreneurship, with young people between 18-24 years old having received £106 million (11%) of loans since the programme began.

Start Up Loans have been issued to businesses in every UK parliamentary constituency. The majority of loans have also been issued to businesses outside of London and the South East, ensuring that businesses across the UK are able to scale up and grow.

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