Small businesses across the Borders have received a cash boost from the British Business Bank’s Start Up Loans scheme. New figures show 104 loans have been given out in the area worth £855,975 in total.
Start Up Loans were established in 2012 to help new and early stage UK businesses access affordable finance. New businesses can borrow up to £25,000 which is government backed and with a 1-5 year repayment term.
Across the UK 75,000 loans have been given out, worth over £600m. Of the people who have received a loan since 2012, 40 per cent were women, one in five came from Black, Asian and Minority Ethnic communities (BAME), and one third were unemployed when they applied for the loan, reflecting the diversity of the UK start up community.
The British Business Bank is a UK Government owned development bank which aims to make finance work better for smaller businesses.
Borders MP John Lamont said: “Small businesses are the backbone of rural economies like ours here in the Borders. The UK Government is committed to levelling up the economy which will deliver more jobs across the country.
“Entrepreneurs across the Borders have made great use of these Start Up Loans with an injection of £855,000 into our economy. Anyone thinking of starting up a business should check out how the British Business Bank can help them.
“It is support like this that will help drive our economy to bounce back better in the months ahead from the hardship caused by coronavirus.”
Secretary of State for Business, Energy and Industrial Strategy, Rt Hon Alok Sharma MP added: “The Start Up Loans programme was set up by the government-owned British Business Bank to give funding and support to entrepreneurs who might otherwise struggle to access it, making a real difference to tens of thousands of entrepreneurs across the country.
“Our plan to build back better will level up every region and sector of the UK economy, backing makers, doers and innovators regardless of background.”
“As well as finance, every loan recipient is offered a support package, including access to a free expert business mentor for 12 months to help them with every aspect of setting up a business.”
