Published: August 19th, 2024
A scheme to offer loans to new businesses, especially those that might struggle to get help elsewhere, has delivered more than £150 million of support to firms across the Midlands.
In the West Midlands alone, almost 9,500 loans have been made to entrepreneurs. This includes more than 3,700 (£33+ million) to businesses founded by women and more than 1,100 (£14+ million) to businesses founded by people from ethnic minority groups.
The scheme helps fund new businesses to get off the ground, especially where the business owner might find it difficult to obtain help from traditional lenders. The scheme also offers owners mentoring and business support.
Unlike small business loans from banks, they are personal loans for business purposes and are unsecured, so there is no need to put up a house or other assets as security.
Loans are for between £500 and £25,000 and each partner in a business can apply, up to a maximum of £100,000 total grant per business.
Start Up Loans are provided through the Start-Up Loans Company, which is funded by the UK Government.
For more information about Start-Up Loans from the British Business Bank, including how to apply, visit www.british-business-bank.co.uk/business-guidance/guidance-articles/finance/start-up-loan
