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Business supportStart Up Loans celebrates £250m of loans to businesses in West England

Start Up Loans celebrates £250m of loans to businesses in West England

  • Since launching in 2012, Start Up Loans has delivered over 29,000 loans worth more than £266 million, to businesses in the North West, West Midlands and South West with the average loan being £9,440
  • Counties in the North West receiving the most funding since 2012 include Greater Manchester and Lancashire
  • 8,495 loans drawn down by recipients in the West of England since 1 April 2020 totalling £100m
  • 37% of the total value of loans in the North West delivered since the pandemic began

Start Up Loans, part of the British Business Bank, announces that the programme has delivered over 29,088 loans worth more than £266 million to businesses across the West of England. The figures point to the spirit of entrepreneurship across the West of the country.

The North West has received the most funding since 2012, at over £112 million (12,314 loans), while the South West and West Midlands have received over £78 million (8,543 loans) and £76 million (8,231 loans) respectively.

Of these loans, 3,460 amounting to more than £41m were drawn down in the region since the pandemic began; this equates to 37% of the total value of loans delivered over the lifetime of the programme.

Impressive figures for entrepreneurship during the pandemic show how people have been helped by Start Up Loans to launch their own businesses when conditions in the job market were difficult.

UK Region Loans Made Amount Lent (£) Average Loan Amount (£)
North West 12,314 112,100,733 9,350
South West 8,543 78,441,686 9,112
West Midlands 8,231 76,125,191 9,897
TOTAL 29,088 266,667,610 9,440

 

Listed in the below table are the counties throughout the West to receive the most loans since 2012. Top counties in the North West include Greater Manchester, which received more than £46 million in funding, and Lancashire which received over £23 million in funding.

Graph

Of the total 29,088 loans in Western regions, 39% have been to women and 14% to people from Black, Asian and Other Ethnic Minority backgrounds (not including White Minorities). Young people between 18-24 years old have received 14% of loans in Western England since 2012, and 30% of the total loans made to people in the same age bracket nationally since the scheme began in 2012.

Small Business Minister Kevin Hollinrake said: “If we are to unlock economic growth, we need to remove the barriers faced by the UK’s most innovative entrepreneurs when it comes to accessing funding and growing their business. 

“Backed by more than 12,314 loans worth more than £112m, our most dynamic small businesses across the North West have been able to tap into government support to flourish and fast-track their business ideas and innovations to market.”

Sophie Dale-Black, Director, UK Network – Midlands and North of England said: “It’s a testament to the entrepreneurial spirit of the North West that we’re celebrating such a significant milestone, well over a quarter of a billion pounds, invested across the Western regions since 2012.

“I am particularly proud of the fact that we have been able to support such a huge volume of young aspiring business people and their start-up ventures in the West, which represents 30% of the total across the entire of the UK.”

Selina Ellis-Gray, founder of Hellion Toys, Clitheroe, North West said: “The business community in the North West is vibrant. Supporting other business has been one of the pleasures of being in business myself, especially seeing the positive impact working together can have on small family run companies and independents.”

News Desk
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