- Since launching in 2012, Start Up Loans has delivered over 100,000 loans worth more than £941 million, to businesses across the UK
- The economic impact of the loans is estimated to be more than £5.3 billion
Start Up Loans, part of the British Business Bank, announces that its programme has facilitated over 100,000 loans worth more than £941 million to businesses throughout the UK. The figure marks a significant milestone for the programme since its creation in 2012.
Of the total 100,228 loans, 40% have been to women and 20% 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 loans since 2012.
The top five local authorities by loan volume and value are Birmingham, Leeds, Cornwall, Hackney in East London and Manchester, demonstrating the impact of Start Up Loans across the UK.
The 100 thousandth loan was drawn down by James Fraser, owner of Ramen Electra in St Albans, Hertfordshire.
James was working as the general manager of a local pub in St Albans when the pandemic hit in 2020. Unable to work, he taught himself how to make ramen noodles and, since they lend themselves to being cooked in large quantities, he began selling them to hungry locals and Ramen Electra was born.
When the pub re-opened, James brought his new skills into the kitchen and his ramen proved so popular that he took out a Start Up Loan of £6,000 in December 2022 to take over food production full time.
The loan paid for kitchen equipment and marketing materials as well as general running costs to get things up and running. Ramen Electra now provides a full menu six days a week, for click and collect or dine-in customers.
James is keen to expand his new business and has plans to start looking for a new venue before the end of the year, with a view to securing four or five Ramen Electra locations in the future.
James’s advice for budding entrepreneurs looking to take their business to the next level is;
“Just start. My mantra is that a good plan today is better than a perfect plan tomorrow. It is going to be challenging and you will make mistakes but have the confidence to just take the leap.”
The top ten local authorities by loans made since 2012 are:
|Local Authority||Loans Made||Amount Lent (£)|
Richard Bearman, Managing Director, Start Up Loans said:
“Start Up Loans supports people across the UK who are looking to start their own businesses, and passing our one hundred thousand loan milestone is an amazing achievement that has been ten years in the making. We could not have achieved this without the dedicated support of our network of UK delivery partners and in-house team and I’d like to take this chance to thank them for everything they do to make our work possible.”
Business Minister, Kevin Hollinrake said:
“Reaching 100,000 Start Up Loans is an incredible achievement and shows the strength of this government’s commitment to backing small businesses. It’s important to remember that behind each of these loans is a business that now has the chance to grow, thrive, and prosper. We are proud to stand shoulder to shoulder with our great British entrepreneurs as we pass this important milestone.”
|UK Region||Loans Made||Amount Lent (£)||Average Loan Amount (£)|
|East of England||7,117||68,369,520||9,607|
|Isle of Man||4||16,500||4,125|
|Yorkshire and The Humber||8,782||84,539,388||9,262|
|Region not obtained||557||6,889,873||12,370|
This announcement follows the recent news that Start Up Loans has become an official partner of the StartUp Award Series 2023, as well as the launch of the British Business Bank’s Guide to Business Resilience, a guide created in response to the economic challenges faced by small businesses in 2023. Covering eight key topics for business success, the guide provides practical and actionable guidance for start-ups on what they can do to reduce costs, boost profitability, and increase the resilience of your business, whatever the future holds.