Start Up Loans Scheme Benefiting Many Businesses
The Start Up Loans Company was set up in 2012 with a view to providing financial support to people setting up new or recently established businesses here in the UK as well as to provide support from mentors. So, how successful has it been so far? Well, a report produced by SQW Ltd with the assistance of BMG Research in October of this year has revealed some interesting statistics some of which we briefly mention below.
The Start Up Loans Company helps many businesses that the traditional banks may be reluctant to support perhaps due to the possible greater risk of loss new companies present to a lender. In fact, between the period September 2012 to the 31st May 2017 in excess of £319 million had been lent to people by the above company. This is made up of in excess of 48,000 loans. The average amount lent to each individual is in the region of £6,630.
It is also interesting to read that 35% of people taking part in the Year 2 survey felt that they would not have set up their business had they not had the support of a Start Up Loan. Also, there has been more business start ups here in the UK as a result of the support provided by the Start Up Loans Company.
The support provided by mentors to the owners of new or recently established businesses was felt to have been beneficial by about 2/3rds of those people utilising the mentoring service by the middle of last year. This is a positive number although one would have preferred to have found more new business owners finding such a service beneficial.
If you are interested in learning more about the statistics relating to the Start Up Loans scheme the full comprehensive report can be viewed on the british-business-bank website. We trust that you find it of great interest.