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Smaller businesses in Dorset reach more than £14 million in lending

Press release 26 November 2024

South West businesses have benefitted from £100m of Start Up Loans financing through the Start Up Loans programme, with Dorset businesses receiving over £14m of this support. This is the third most of the South West counties.

The Start Up Loans programme has a 12-year legacy of delivering funding to smaller businesses who may otherwise find it difficult to secure loans from traditional lenders. Entrepreneurs and businesses can access personal loans of up to £25,000 on a fixed 6% rate of interest to start up or grow their business. Through a partner, Newable, the programme also offers mentoring to recipients in their first year.

The programme has just marked a significant milestone: £100 million has been loaned to businesses spread across the towns and cities of the South West. More than 10,000 businesses across the region have benefitted from this financing and post loan support since its inception. These have ranged from cafés and music studios to clothing companies and microbreweries.

Of the counties across the South West, Devon businesses received the highest number of loans at 2,278 loans made, with Cornwall and the Isles of Scilly the second highest at 1,540.

Just over 1,400 business owners in Dorset received Start Up Loans, for a total value of nearly £14.3m.

CountyLoans MadeAmount Lent (£)
Devon2,278£22,927,933
Cornwall and Isles of Scilly1,540£16,176,902
Somerset1,492£13,450,606
Gloucestershire1,430£14,096,988
Dorset1,402£14,290,340
Wiltshire1,073£11,457,555
Bristol (City of)1,031£8,103,698
Total10,246£100,504,021

One of the latest businesses to benefit is Boon Boat based in Dorset, a company which has delivered a new boat powered by transparent solar glass technology. It took to the waves this summer thanks to a funding boost of £13,000 from Start Up Loans, via the programme’s Business Support Partner, First Enterprise - Enterprise Loans.

Combining his passion for boats and environmental sustainability, Andre Shoman created Boon Boat. Boon Boat is a motorised sailing vessel powered by transparent solar glass technology, the innovative and stylish solar canopy integrates into the structure of the Trimaran-Tritoon, enabling it to glide smoothly through the water without the need for fossil fuels. Trials carried out suggested the boat could run for up to seven days in normal weather conditions.

The watercraft promises to be a game-changer for Dorset’s coastal leisure industry. The Boon Boat BBQ will see Andre’ wife Zizzi, a professional host, cooking for up to eight guests. Meanwhile, the Jurassic Sea Trail will combine solar technology with Augmented Reality (AR), travelling through time to the age of the dinosaurs as you sail up and down Dorset’s world heritage coastline, wearing interactive headsets. Think Jurassic Park, on the water.

Andre's business adviser from the programme’s Business Support Partner, First Enterprise – Enterprise Loans, commented: “Andre's vision for Boon Boat was truly inspiring from the outset. His commitment to sustainability and innovation was evident to me in his application. It was a pleasure to support him through the Start Up Loans process and help bring this groundbreaking idea to life. We believe that entrepreneurs like Andre are paving the way for a greener future, and we’re excited to see where his journey takes him next.”

Louise McCoy, Commercial Managing Director, Small Business Lending at the British Business Bank said:

We’re thrilled that the Start Up Loans programme has delivered over £100m of funding to 10,000 businesses across the region since its launch. The programme aims to expand access to funding for entrepreneurs looking to start-up and grow and this latest milestone is testament to the ambition of the South West’s entrepreneurs. Businesses like Boon Boat deliver a wide range of products and services to their communities and contribute to the economic vitality of their areas.

The Start Up Loans programme helps people start or grow their business and is part of the government-owned British Business Bank’s remit to make finance markets work better for smaller businesses. They can borrow up to £25,000 at a fixed interest rate of 6% per annum and repay the loan over one to five years. The programme also provides 12 months of free business mentoring through its post loan support partner. In the South West, the Start Up Loans programme works primarily with SWIG Finance but also partners which includes First Enterprise – Enterprise Loans.

Learn more about Start Up Loans support.

Further Information

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