Business secretary Greg Clarke yesterday announced that £250m of Start Up Loans had been issued since they were first introduced in 2012.
“Whether you live in England, Wales, Scotland or Northern Ireland, and whatever your age, everyone should have the chance to turn a great business idea into a reality,” Clarke said
The loans are funded by central government and channeled through the British Business Bank. According to the government, Start Up Loans generate a return on investment to the economy of £3 for every £1 spent, and “businesses up and down the country from digital start-ups to recreational centres have benefited from the Government scheme.”
‘A significant landmark’
Tim Sawyer, CEO of Start Up Loans Company, said: “SMEs drive our economy, and the role start-ups play in this shouldn’t be over-looked. Seeing such a great demand for finance from Britain’s would-be micro-business owners is a great indication of the appetite for growth in this sector.
“Hitting our £250 million lending milestone is a significant landmark for Start Up Loans Company. Since the launch almost four years ago our loans have helped create more than 45,100 jobs and for every pound invested we have returned £3 to the economy overall. 2016 has proven to be another busy year for microbusinesses, and we’re proud to be able to support this growth.”