The British Business Bank has issued its 75,000th loan under its Start Up Loans programme, marking more than £623m invested in small business across the UK since its launch in 2012. Of the 75,000 loans, 22%, or 16,508, have been issued to entrepreneurs in London, meaning more than £137m has been invested in the capital’s small businesses.
London received the highest number of loans in the UK, with an average loan size of £8,299, followed by the North West with 9,219 loans worth £74m. The South East received 6,752 loans worth £60m, followed by the West Midlands where a total of 6,198 loans were provided for a value of £50m.
“Start Up Loans’ 75,000th draw down represents a major milestone for our operations, meeting a key policy objective from when we launched in 2012”, said Richard Bearman , Managing Director of Start Up Loans. “Government backed finance for people looking to start their own businesses has never been more important than it is currently. As well as being key to economic growth over the long term, Government support for small businesses around the UK continues to drive investment into the regions”.