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. “