Start Up Loans passes £100m funding milestone

The British Business Bank’s Start Up Loans programme has passed a major £100m funding milestone in the North West.Since its launch in 2012, the programme has facilitated 11,842 loans to the region’s entrepreneurial community, making up 12 per cent of the national figure.The scheme was established to help reduce regional imbalances, particularly aiding those who might find it difficult to secure finance through mainstream lenders. The initiative provides mentoring, support, and funding to aspiring business owners from diverse backgrounds across the UK.The North West received loans worth £106m in total, with the average loan being £8,961. Of these loans, 4,650 (39 per cent) went to female business founders and 1,494 (13 per cent) went to entrepreneurs from Black, Asian or ethnic minority backgrounds.Recipients of the Start Up Loans programme in the North West include Manchester-based restaurant Marmaris, Liverpool-based pet groomer Dial A Dog Wash and Bolton-based furniture retailer Pretty Dream Homes. Each of these businesses secured £25,000, with this investment filling the funding gap for growth.Sophie Dale-Black, UK network director, North of England, said: “Surpassing £100m worth of funding to new businesses in the North West is a huge milestone for the government backed Start Up Loans programme and a solid reflection of the ambition of the region’s entrepreneurial community.”This milestone highlights our commitment to providing ongoing funding to smaller businesses, particularly in areas where there are real social and economic barriers preventing access to finance for those who need support.”