Start Up Loans programme reaches £25m milestone for Hampshire

Small business founders in Hampshire have benefitted from over £25 million (m) of loans since 2012 from Start Up Loans, the government-backed small business lending programme, it has emerged.

The scheme has delivered 2,292 loans in the southern county, with an average loan value of £11,172.

Louise McCoy, commercial managing director of small business lending at the British Business Bank said: "Reaching the £25m milestone in loans to entrepreneurs in Hampshire is a testament to the diverse and vibrant business landscape of the region."

Meanwhile, across the South East region as a whole, more than 12,200 aspiring entrepreneurs have taken out a Start Up Loan since 2012 amounted to over £130m in funding, with an average loan value of £10,690.

Based on analysis for each of Hampshire's parliamentary constituencies, Portsmouth was shown to be an entrepreneurial hotspot with the highest number of Start Up Loans being handed out in Portsmouth South (217) with Portsmouth North (163) in third place.

Southampton Itchen came in at second place, with 152 loans made worth around £1.9 million.

Loans to female-led start-ups made up 37% of total loans issued in the county - broadly reflecting the overall programme’s gender split while exceeding the level of female business ownership in the business population, it emerged

Meanwhile, wider market data showed that, in 2022, 18% of smaller businesses with employees and 20% of smaller businesses without employees were female-led.

One entrepreneur to have made use of the programme is Sam Hopkins, who founded New Forest Skate Hub in Hampshire.

At Bartley skatepark in Totton, he shares his passion and knowledge for skateboarding through coaching children and adults of all abilities the joys and skills of the sport, fostering confidence, inclusion and community.

"It’s not all about the tricks but knowing how rewarding it is mentally, physically and socially," he said.

"I support anyone who seeks the competitive side of the sport and watching one of my students go on to compete has been a particular highlight for me. The finance and support were vital to me being able to purchase the necessary equipment to turn my passion into a business."

The Start-Up Loans Company is a wholly-owned subsidiary of British Business Bank plc and in the financial year 2023/24, it provided 9,759 loans with a total value of around £125m.