Start Up Loans celebrates £350 million of loans to businesses in Eastern England
- Since launching in 2012, Start Up Loans has delivered more than 36,700 loans worth over £352 million, to businesses in the East Midlands, East of England, North East, South East and Yorkshire & The Humber, with the average loan being £9,522
- Counties across the North East receiving the most funding since 2012 include Tyne and Wear and Durham
- 12,381 loans drawn down by recipients in Eastern England since 1 April 2020 totalling £154.4 million
- One third of the total value of loans in the North East delivered since the pandemic began
Start Up Loans, part of the British Business Bank, announces that the programme has delivered more than 36,700 loans worth more than £352 million to businesses in Eastern England. The figures point to the spirit of entrepreneurship across the Eastern counties of the country.
The North East has received over 5,400 loans worth over £49 million since 2012. Of these loans, 1,331 amounting to more than £16 million were drawn down in the region since the pandemic began; this equates to 33% of the total value of loans delivered over the lifetime of the programme.
Impressive figures for entrepreneurship during the pandemic show how people have been helped by Start Up Loans to launch their own businesses when conditions in the job market were difficult.
|UK Region||Loans Made||Amount Lent (£)||Average Loan Amount (£)|
|East of England||7,071||67,735,762||9,576|
|Yorkshire & The Humber||8,715||83,724,688||9,607|
Listed in the below chart are the counties throughout the East to receive the most loans since 2012. Top counties across the North East include Tyne and Wear, which received more than £21 million in funding, and Durham which received over £16 million in funding.
NB: Full data table available in Notes to Editors
Of the total 36,704 loans in Eastern regions, 40% have been to women and 14% to people from Black, Asian and Other Ethnic Minority backgrounds (not including White Minorities). Young people between 18-24 years old have received 14% of the loans in the East since 2012, and 36% of the total loans made to people in the same age bracket nationally since the programme began in 2012.
Small Business Minister Kevin Hollinrake said:
“If we are to unlock economic growth, we need to remove the barriers faced by the UK’s most innovative entrepreneurs when it comes to accessing funding and growing their business. Backed by more than 5,401 loans worth more than £49.3 million our most dynamic small businesses across the North East have been able to tap into government support to flourish and fast-track their business ideas and innovations to market.”
Sophie Dale-Black, UK Network Director – Midlands and North of England said:
“It’s a testament to the entrepreneurial spirit of the North East that we’re celebrating such a significant milestone, over £350 million pounds, invested across the Eastern regions since 2012. I am particularly proud of the fact that we have been able to support such a huge volume of young aspiring business people and their start up ventures in the East, which represents 30% of the total across the entire of the UK.”
Emma Hamlett, founder of Collected, Durham, North East said:
“It is wonderful to be part of an ever growing and strengthening business community in the North East. As one of the Ambassadors for Start Up Loans, I feel grateful and humbled to be in a position to give encouragement, inspiration, and support to other aspiring business owners.
Having both a strong network locally and easy access to information and advice are essential to taking that first, scary step into setting up. Numbers show that more and more entrepreneurs are making that brave move, which speaks to the warmth and strength of the business community and networks we have in the region. I would strongly encourage anyone thinking about starting their own venture to reach out for the advice and support they need to get the confidence to do it in 2023.”
|UK Region||County||Loans Made||Amount Lent (£)||Average Loan Amount (£)|
|Yorkshire and The Humber||West Yorkshire||3,341||32,800,310||9,818|
|North East||Tyne and Wear||2,332||21,466,276||9,205|
|Yorkshire and The Humber||South Yorkshire||2,123||21,005,776||9,894|
|East of England||Essex||1,899||17,885,556||9,418|
|Yorkshire and The Humber||North Yorkshire||1,699||16,392,876||9,649|
|East of England||Hertfordshire||1,544||15,289,634||9,903|
|South East||East Sussex||3,341||11,406,770||8,443|
|Yorkshire and The Humber||East Riding of Yorkshire (Former County)||1,108||9,446,025||8,525|
|East of England||Norfolk||1,090||10,143,773||9,306|
|South East||West Sussex||970||9,570,716||9,867|
|South East||Berkshire (Former County)||901||10,431,917||11,578|
|East of England||Bedfordshire||862||88,155,760||9,461|
|East of England||Suffolk||790||7,382,515||9,345|
|North East||North Yorkshire||675||5,761,588||8,5365|
|Yorkshire and The Humber||Lincolnshire||444||4,079,702||9,189|
|South East||Isle of Wight (UA)||246||1,663,930||6,764|
|East Midlands||Rutland (UA)||42||442,029||10,525|
About Start Up Loans
The Start Up Loans programme provides personal loans for business purposes of up to £25,000 at a 6% fixed interest rate per annum and offers free dedicated mentoring and support to each business.
The primary aim of the Start Up Loans programme is to ensure that viable start-ups and early-stage businesses have access to the finance and support they need in order to thrive. A network of Delivery Partner organisations supports applicants in all regions and industries throughout the UK. The Start Up Loans programme is not designed to generate a commercial profit. Capital payments together with the interest are recycled to help meet our customers’ increasing demands for finance.
The funding for the Start Up Loans programme is provided by the Department for Business, Energy and Industrial Strategy (BEIS). A development bank wholly government-owned by BEIS, the British Business Bank plc is not authorised or regulated by the Prudential Regulation Authority (PRA) or the Financial Conduct Authority (FCA). The British Business Bank and its subsidiary entities are not banking institutions and do not operate as such.
The British Business Bank makes finance markets for smaller businesses work better, helping the sector to prosper, to grow and to build economic activity.
- Since its inception in 2012, the Start Up Loans scheme has delivered almost 99,800 loans, providing more than £934 million of funding.
- In the financial year 2021/22, the scheme provided 12,433 loans with a total value of approximately £152.4 million.
- The economic benefits of the Start Up Loans programme are almost six (5.7) times its economic costs.
- At Spending Review 2021, the Chancellor announced resources to provide 33,000 Start Up Loans over next three years.
Aside from the return-on-investment numbers these statistics are gross estimates and based on Start Up Loans CRM along with externally commissioned research undertaken by SQW Ltd, with support from BMG Research. Since 2012, 5% of loans went to people formerly unemployed or economically inactive. Some 40% of loan recipients were women and 21% were from Black, Asian and Other Ethnic Minority backgrounds (not including White Minorities).