British Business Bank expands Start Up Loans programme with new partners
The British Business Bank has appointed three national partners and a series of regional Business Support Partners (BSPs) to help deliver its Start Up Loans programme over the next two years.
Over the last 10 years, the scheme has provided more than 100,000 loans totalling £960 million to small businesses and entrepreneurs in the UK. Recipients receive funding at a fixed six per cent interest rate, as well as mentoring in the first year.
The Start Up Loans programme has also grown to become a crucial source of capital for many individuals who would otherwise struggle to secure loans from traditional lenders.
Managing Director Richard Bearman said: “I am delighted to share the first phase of our newly appointed BSPs, who will help us ensure that anyone wanting to start a business has the opportunity to do so, regardless of their location, economic circumstances or social background.
“We are incredibly proud of the success of the scheme since 2012 and the choice to review the partners we work with has been undertaken to offer new businesses the chance to compete for the work.
“It will ensure the scheme is working with partners that provide the best possible support to those who need it. In particular, our new BSPs will help us deliver our ambition of providing a market leading 50/50 split between male/female loan recipients.”
Each of the new national BSPs has been chosen to target specific demographics traditionally in need of additional support.
The Prince’s Trust is a youth charity for people aged 13 to 30. It has already helped more than 90,000 young people to start their own business through the Enterprise programme.
X-Forces Enterprise supports the entrepreneurial endeavours of former members of the Armed Forces and Emergency Services, and their families.
GC Business Finance supplies alternative finance products to support growing businesses. To date, it has loaned in excess of £150 million to more than 30,000 recipients.
Alex Mearns, Head of Startup Lending at GC Business Finance, said: “We are extremely proud to have secured the UK-wide contract for the Start Up Loans scheme. We are excited to welcome our new team members and expand our support to entrepreneurs across the country.
“Early-stage entrepreneurs are the lifeblood of the economy, and if we can help more of them access the early finance they need, then we can get them ready for mainstream lending and further growth.”
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