The British government has hit a key milestone by providing £600 million to start-up businesses outside of London, providing extensive support for entrepreneurs nationwide.
Loans have been provided to a large variety of firms and industries, including businesses making bespoke wooden furniture in Northern Ireland, rum cakes in the Lake District and vegan bags in Yorkshire.
The north west of England has received the most support from this scheme thus far, totalling over £94 million in received state-backed funds, with the south east a close second with over £81 million received, and Yorkshire & The Humber receiving over £68 million.
What does the scheme entail and is it applicable to me?
The Start Up Loans Scheme was created and run by the British Business Bank, providing loans of up to £25,000, where new businesses may have otherwise struggled to achieve through the usual, credit-controlled bank loans.
The scheme sets itself apart from usual government funding schemes by also providing mentoring to unseasoned entrepreneurs, with further extensive support delivered to women, those of ethnic minority backgrounds and the previously unemployed.
This scheme has been a tool for the government to diversify business at the grassroots level and is aimed to help those without the business background or know-how to get their venture off the ground.
Richard Bearman, managing director of Start Up Loans, says: “Providing £600 million worth of funding to new businesses outside of London is a huge milestone for the government-backed Start Up Loans programme and reflects the broad diversity and ambition of the nation’s small businesses at a grass roots level across the whole country.
“We have always been committed to providing support and funding to SMEs that hail from each corner of the country, particularly in areas of deprivation where people may struggle to access funding, and this milestone is tribute to that.”