The UK Government’s Start Up Loans scheme has now provided £600 million in loans to small businesses outside London, providing extensive support for entrepreneurs across the UK.
The initiative (run by the British Business Bank) was created in 2012 to provide smaller businesses with more opportunities to create jobs, expand and develop.
Aspiring business owners receive up to £25,000 through the Start Up Loans Scheme, providing support and mentoring services.
Small Business Minister, Paul Scully, said:
“There is so much creativity and dynamism across the UK, but without access to funding and support it’s difficult to fully unlock the entrepreneurial spirit that makes this country great.
“The Start Up Loans programme has helped a diverse range of entrepreneurs across the UK to get their business off the ground, levelling up the entire country and enabling talented business leaders from all backgrounds to flourish.”
The recipient of the Start Up Loans programme’s £600 millionth pound was Will Smith, from Northern Ireland. Taking out a loan of £6,000 in January 2020 to launch a bespoke wooden furniture company – Woodwork by Will – the business owner was able to invest in essential machinery and a table saw.
With his own machinery, a job that would have taken three days can now be completed in less than one, enabling him to produce more high-quality artisan products.
Will Smith, Founder of Woodwork by Will, said: “The support I have received from the British Business Bank has accelerated my business 12 months beyond where it would have been.
I found the whole process with the Bank very straightforward and would have no hesitation in recommending Start Up Loans to other entrepreneurs.”