Start Up Loans set to unlock the potential of entrepreneurs in East Midlands

Start Up Loans set to unlock the potential of entrepreneurs in East Midlands

Start Up Loans, part of the British Business Bank, sets out its commitment to unlock the talent of thousands more people across the UK by encouraging people thinking about their career options to start their own business via the Start Up Loans scheme.

The disruptive impact of Coronavirus on the UK’s economy and traditional working patterns has catalysed many to reconsider their careers, whether because of additional time to reflect during lockdown, furlough or a change in employment status.

• Since 2012, Start Up Loans has delivered more than 1,650 loans to unemployed people in the East Midlands, worth over £6.9m
• Between 01 March 2020 and 31 March 2021 Start Up Loans delivered more than £836k of loans to unemployed applicants in the East Midlands
• The majority of unemployed people (54%) who have become entrepreneurs through Start Up Loans since 2012 are millennials

Of the 80,000+ Start Up Loans recipients since 2012, a third (31%) were unemployed at the time of application. Start Up Loans data also indicates that the scheme is particularly effective in enabling young entrepreneurs to start up a business, with millennials representing more than half (54%) of all previously unemployed loan recipients since 2012.

Richard Bearman, Managing Director, Start Up Loans said: “It is paramount that we do everything to empower the next generation of young working talent, who have an important part to play in unlocking the UK’s economic recovery, by giving them every chance to succeed, whatever their circumstances.

“Unemployment can have a catastrophic impact on an individual’s financial security, self-confidence and ability to apply for finance from lenders, and the support provided by Start Up Loans can be of particular use to younger, less experienced business owners.”

Small Business Minister Paul Scully said: “This Government’s Start Up Loans programme has a phenomenal track record of backing budding entrepreneurs, having helped more than 4,610 in the East Midlands to get off the ground.

“I would encourage aspiring entrepreneurs in the East Midlands, whether they’re young people just getting started, or experienced pros looking for a fresh start, to explore the fantastic support available from the British Business Bank.”

"The support provided by Start Up Loans can be of particular use to younger, less experienced business owners."

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