Start Up Loans Company reaches 300m in micro business loans
The Start Up Loans Company has reached a new milestone, delivering 300m in micro business loans to new entrepreneurs since launching five years ago.
The figure represents loans to a total of 46, 400 startups and early stage companies since the government-backed programme was founded in 2012 an average of 11, 200everyyear.
According to official statistics, businesses funded by the Start Up Loans Company had created over£55, 700 jobs in Britain.
The initiative has also succeeded in funding business ideas among young people and those out of work. Since 2012, over 19, 800 micro business loans have beenissued to those not in education, employment or training (NEET) or declared unemployed at the application process.
Launched as the lending arm of the government-funded British Business Bank (BBB), the Start Up Loans Company provides financeup to 25, 000 at a fixed interest rate of six per cent per annum. Recipients are also entitled to free business support from the Start Up Loans Company throughout the early days of trading.
Responding to the record figure, government small business minister, Margot James, said the micro business loans had given a crucial jump-start? to thousands of new founders.
James added that strong levels of job creation demonstrated the dependence of the wider UK economy on the country’s small companies.
In a statement, Start Up Loans Company CEO Tim Sawyer said the latest milestone was testament to the drive and ambition? of business founders across Britain.
The lender announced the milestone alongside news of a full merger with the BBB.
Praseeda Nair is the editorial director of Business Advice, and its sister publication for growing businesses, Real Business. She's an impassioned advocate for women in leadership, and likes to profile business owners, advisors and experts in the field of entrepreneurship and management.
Tim Sawyer, CEO of Start Up Loans and one of our Small Business Decision Makers 2016, has been involved in business lending for close to two decades, and explained to Business Advice how the space is evolving including what he thinks needs to happen next. more»
The government-backed Start Up Loans Company has reached a milestone of 250m worth of lending to small businesses, it has been announced. Startups have been able to receive a fixed-rate loan of up to 25, 000 along with free business support. more»