A government backed loan scheme created to help entrepreneurs start and scale up their business has now provided over £1 billion of funding to over 100,000 businesses.

From an activewear firm in Northern Ireland, to a drum manufacturer in Wales, a whisky firm in Scotland to a climbing centre in the southwest of England – every nation and region across the UK has benefitted from these loans, supporting entrepreneurs from all walks of life.

Delivered through the state-owned British Business Bank, the Start Up Loan scheme was developed and launched by the government in 2012 to help new and early-stage UK businesses without sufficient personal funds or support from friends and family to access affordable finance and mentoring support.

Through this combined access to finance and expert advice, more small businesses can develop and reach their potential, delivering economic growth and a boost to local communities.

The scheme has also been successful at championing young entrepreneurship, with young people between 18-24 years old having received £106 million (11%) of loans since the programme began.

Start Up Loans have been issued to businesses in every UK parliamentary constituency. The majority of loans have also been issued to businesses outside of London and the South East, ensuring that businesses across the UK are able to scale up and grow. Outside of these regions, the North West and Yorkshire and Humber have received the largest shares of the loans, receiving £121,619,51 and £89,997,598, respectively.

Source: New feed