Start Up Loans Programme With British Business Bank Advances £500 Million

The British Business Bank, backed by the Government, announced last month that its Start Up Loans scheme had advanced £500 million to small business here in the UK since it was set up back in 2012. We are sure that our readers will agree this is excellent news and has no doubt helped many new businesses set up and progress.

It has provided 63,920 small business loans to numerous businesses in the UK since 2012. The average amount of loan was £7,823.

It is interesting that 39.3% of people obtaining a business loan were female. Another interesting statistic is that 36.5% of people applying for a business loan were unemployed so the scheme has obviously helped a lot of people get back into paid work.

Regional breakdown of loans: –

London                                                  14,931 loans           £118.0 million value
North West                                            7,841 loans             £59.6 million value
South East                                              5,680 loans           £47.6 million value
Yorkshire & The Humber                   5,377 loans           £44.3 million value
South West                                             5,308 loans          £40.8 million value
West Midlands                                      5,423 loans          £40.6 million value
East of England                                     4,265 loans          £32.5 million value
Scotland                                                   3,879 loans          £28.7 million value
North East                                               3,701 loans           £28.5 million value
Wales                                                        2,904 loans          £26.2 million value
East Midlands                                        3,602 loans         £26.0 million value
Northern Ireland                                  1,009 loans           £7.3 million value

There are so many sources of finance for businesses here in the UK including the likes of the high street banks and specialist lenders such as peer to peer lending platforms. Finding the most suitable business lending product can prove challenging and time consuming. If you are a business owner your time may be best used in the day to day running of your business rather than searching for a business loan. So, why not get in touch with us and we will introduce you to a specialist, experienced business finance broker who will discuss your requirements and do all that they can to source suitable competitive finance for your business.

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