Pendle MP Andrew Stephenson, the Minister for Business and Industry, attended the British Business Bank’s parliamentary drop-in to celebrate its Start Up Loans schem lending more than £500m. to UK small businesses since it was set up in 2012.
New data from the Government-backed scheme shows it has issued a total of 63,920 loans to fund small business across the UK, with the average loan amounting to £7,823.
In Pendle specifically, SUL has issued 87 loans, worth £625,643.
Of those who received a loan, almost two-fifths (39.3%) were women, one in five (22%) came from Black, Asian and Minority Ethnic communities (BAME), and more than a third (36.5%) were unemployed when they applied for the loan, reflecting the diversity of the UK start up community.
The Start Up Loans programme, part of the British Business Bank, has lent money and provided mentoring support to aspiring business owners in every part of the country and its impact has been particularly noticeable in areas of deprivation.
A Start Up Loans Heatmap, which goes live on Thursday 20 June, shows the regional breakdown of the £500m, and that the North West region was given the highest number of loans outside of London, receiving 7,841 loans worth £60m.
People supported by British Business Bank’s Start Up Loans have used the funding to set up businesses in a wide range of sectors. As well as finance, every loan recipient is offered a dedicated mentoring service and access to a free expert business mentor for 12 months to help them with every aspect of setting up a business.
Andrew Stephenso said: “I am delighted the Start Up loans have been able to support 87 small businesses across Pendle. Small businesses are the bed rock of our economy and the Government is committed to doing everything it can to support them. Enabling them to expand and provide employment opportunities across our whole community.”
Patrick Magee, Chief Commercial Officer of the British Business Bank, said:“We’re absolutely delighted that we have supported so many fantastic small business owners from up and down the country. The hard work and determination of the UK’s 5.7 million small businesses make a huge contribution to society, and it’s great to see latest research showing that the economic benefits of the Start Up Loans programme are nearly six times its economic costs.
“We’re committed to helping small businesses prosper and grow and we look forward to supporting many more in the future.”