British Business Bank grants start-up loan number 75,000


The British Business Bank’s Start Up Loans (SUL) program has issued its landmark loan of 75,000 since its launch in 2012.

He said 4,703 (6%) were issued to small businesses in Scotland, meaning £ 36.7million of the £ 623million supported entrepreneurs north of the border.

The number of start-up loans has risen sharply since the start of the pandemic in the UK. From May to July 2020, £ 31.9million was taken, up from £ 22.9million during the same period in 2019, an increase of over 39%.

July 2020 has been the most important month for draws since 2014.

Since 2012, 40% of loans have gone to women and 20% to people from Black, Asian and Ethnic Minority (BAME) communities. Of this share, 48% belonged to black ethnic groups, 23% to Asian ethnic groups and 29% to mixed ethnic groups. A third were unemployed when they applied for the loan.

Richard Bearman, CEO of Start Up Loans, said: “The drawdown of 75,000 start-up loans represents an important milestone for our operations, meeting a key policy objective since our launch in 2012.

United Kingdom region Loans granted Amount loaned (£) Average loan amount (£)
East Midlands 4,125 31 993 970 7 756
East of England 4 988 41 066 875 8 233
Isle of man 2 10,000 5,000
London 16,508 137 001 751 8 299
Northeast 4,295 35 344 418 8 229
North West 9,219 74 692 327 8,102
North Ireland 1,157 8 900 426 7 693
Scotland 4,703 36 734 508 7 811
South East 6,752 60,396,668 8 945
South West 6,214 50 827 370 8,179
Wales 3,443 32 226 155 9,360
West Midlands 6,198 50 087 079 8 081
Yorkshire and the Humber 6 332 54,868,989 8 665
Region not obtained 801 9,606,463 11,993
Total 74,737 623 756 999 8 346

“Government-backed funding for people looking to start their own businesses has never been more important than it is now. As well as being the key to long-term economic growth, government support for UK small businesses continues to stimulate investment in the Regions. “

UK Business Secretary Alok Sharma said: “The Start Up Loans program was set up by the government-owned British Business Bank to provide financing and support to entrepreneurs who might otherwise have difficulty accessing it, making a real difference to tens of thousands of people. entrepreneurs across the country.

“Scotland is world famous for the quality of its products such as whiskey and shortbread, and there is an abundance of local business talent in Scotland. As these numbers show, the UK government is committed to upgrading and supporting policymakers, actors and innovators from all backgrounds in Scotland and across the country as we build back better.

“In addition to financing, each loan recipient is offered a support program, including access to a free expert business mentor for 12 months to help them with all aspects of starting a business. “

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