The government has announced that its Start Up Loans programme has achieved another notable milestone with the 100,000th business loan recently having been granted.
Start Up Loans are government-backed personal loans available to individuals looking to start or grow a business in the UK. The scheme is administered by the British Business Bank and, as well as providing financial support, also offers guidance and advice to entrepreneurs looking to start their own business.
The loans have had a significant impact throughout the UK, helping to establish a wide range of new businesses right across the country. The top five local authorities by loan volume and value are Birmingham, Leeds, Cornwall, Hackney and Manchester, while the 100,000th recipient was St Albans-based noodle shop Ramen Electra.
Business Minister Kevin Hollinrake said, “We know how important small businesses are to our communities, creating jobs, growth and opportunities. As a former business owner, I know how difficult it can be to get your business off the ground, which is why I’m incredibly proud that government-backed Start Up Loans have helped 100,000 aspiring entrepreneurs, from Shetland to Shoreditch, to make their dreams a reality.”