Programme remains open for new and second loan applications, having issued more than 70,000 loans since 2012.
At this time of unprecedented uncertainty, the Government-backed Start Up Loans programme recognises that many small businesses are facing an uncertain future.
It is continuing to provide support to business owners through its dedicated network of delivery partners who are available to offer expert advice.
The British Business Bank’s Start Up Loans programme has issued more than 70,000 loans, of an average £8,115, to UK small businesses since it was set up in 2012. Of these, 1,287 were second loans, issued to small business owners to help
For those requiring financial support to help navigate this difficult economic period, second loans are still available to eligible existing customers.
Richard Bearman, Managing Director of Start Up Loans, said: “We understand the strain that small businesses are under and we want to reassure our customers that we are committed to supporting them through this difficult economic period. During these times of unprecedented uncertainty, it’s vital that business owners have access to trusted advice.
“Our in-house team and network of delivery partners are available to offer application advice and post-loan support. Second loans are also still available to eligible existing customers for those needing financial support to navigate this very difficult economic period.
“We urge anyone who is worried about their financial situation to contact our dedicated customer service team online or by calling 0344 264 2600 between 9am and 6pm, Monday to Friday.”
Holly Hamer from Northampton is among the many aspiring business owners who used a Start Up Loan to launch her business. Having worked fixed-term contracts for 16 years, she received an £8,300 loan to set up Rockit, a children’s boutique which sells sustainable kids’ clothing.
Despite excellent financial planning, nothing could have prepared Holly for the current crisis. In the hope of weathering the storm, she has moved her business entirely online.
Holly Hamer, the founder of Rockit, said: “I had always dreamed of starting my own business and Rocket blends two of my passions – my kids and fashion. However, starting a business isn’t easy and my heart goes out to all my fellow business owners who are struggling in these very uncertain times.
“The current crisis has presented me and my business with a number of unforeseen challenges. I’m very grateful for the guidance and support I’ve received from Start Up Loans, both now and when I initially made my business plans.
“I hope Rockit continues to prosper and I urge people to support their local businesses during these times, wherever possible.”
Start Up Loans was established in 2012 to help people – wherever they are in the UK and whatever their background – to achieve their ambitions of starting their own business.
It provides fixed-interest loans of between £500 and £25,000 to aspiring business owners, many of whom might otherwise struggle to secure finance.
Since 2012, it has lent 70,754 loans, amounting to more than £576 million, to entrepreneurs across the UK.
In addition to finance, Start Up Loan applicants receive support from an experienced business advisor to help them prepare a business plan and cash flow report, and loan recipients are offered 12-months of free mentoring to guide them through the early stages of their business journey.
If any of our loan recipients are experiencing financial difficulties, then our dedicated customer service team are available to discuss the various options available, and can be contacted online or by calling 0344 264 2600 between 9am and 6pm, Monday to Friday.