The Start Up Loans provide funding at a fixed interest rate of 6%, as well as 12 months’ mentoring to its recipients, further supporting aspiring business owners in every corner of the United Kingdom. Start Up Loans’ impact has been particularly noticeable among individuals who might find it difficult to secure loans from traditional lenders.
The scheme has already delivered more than 8,300 loans, worth more than £75m, to new business owners in the south west since 2012.
Helen Langton, a secondary school teacher of 12 years, was seeking more work-life balance, so wanted to own a business that would allow her to be more creative.
She took on an ice cream parlour and received £25,000 in funding through C-Emergency Serviced as a delivery partner of the Start Up Loams scheme. So she was able to buy the existing premises ans start her business journey.
“I got exactly what I needed to enable me to buy the existing business here. And it’s been brilliant having a mentor too. If I’m concerned about something, I can just email and I know I’m going to get a quick response.”
Steve Conibear, UK Network Director south and east England, said: “We are delighted to be able to extend the reach of the Start Up Loans programme to help support businesses, including those who need extra support during a challenging economic environment.
We have always been committed to providing support and funding to smaller businesses in the south west, with entrepreneurial ambitions across all industry sectors. Having delivered more than £75m in loads to the south west alone highlights our continued efforts to help people from diverse backgrounds achieve their business goals.”
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Source: British Business Bank