Government-backed scheme sees Birmingham top the table as the most entrepreneurial hub outside of London.
The Start Up Loans Company (SULCo) has reached a significant landmark after lending a total of £25million to help kick-start start ups in the West Midlands.
Since launching in 2012, the Government-backed scheme has provided loans to more than 4,000 recipients in the West Midlands and 46,000 in total across the UK. The programme has lent almost £2million to over 500 people in West Midlands who were formerly unemployed or economically inactive.
The Department of Business, Innovation and Skills, now known as the Department for Business, Energy & Industrial Strategy, formed the scheme in 2012. The Start Up Loans Company provides loans up to £25,000 at 6% fixed rate per annum, in addition to offering a mentoring service to each business it supports.
Tim Sawyer, CEO of Start Up Loans Company, said:
“Start ups are often referred to as the lifeblood of the economy, so it’s great to see such a demand for funding for potential business owners up and down the country.
The West Midlands has always been a hub for innovation and enterprise, which is evidenced by our £25million lending total in the region. Every pound invested sees a return of £3 to the economy, so it’s great to be able to drive small-business success. The next six months is set to be another busy period for microbusinesses in West Midlands and we are proud to support this growth.”