Boost for UK startups as government scheme reaches £600m funding milestone

A funding programme aiming to support new businesses has reached a ‘major’ multi-million pound milestone.

The government’s Start Up Loans scheme has provided £600m in loans to businesses outside London.

Businesses and entrepreneurs in the North West of England received the most loans outside London, totalling over £94m, with those in the South East receiving over £81m, followed by Yorkshire & The Humber with over £68m.

Small Business Minister Paul Scully commented: “There is so much creativity and dynamism across the UK, but without access to funding and support it’s difficult to fully unlock the entrepreneurial spirit that makes this country great.

“The Start Up Loans programme has helped a diverse range of entrepreneurs across the UK to get their business ideas off the ground, levelling up the entire country and enabling talented business leaders from all backgrounds to flourish.”

Richard Bearman, managing director of Start Up Loans, added: “Providing £600m worth of funding to new businesses outside of London is a huge milestone for the government-backed Start Up Loans programme and reflects the broad diversity and ambition of the nation’s small businesses at a grass roots level across the whole country.

“We have always been committed to providing support and funding to SMEs that hail from each corner of the country, particularly in areas of deprivation where people may struggle to access funding, and this milestone is tribute to that.

“We are proud that our loans, mentoring and support for aspiring and existing entrepreneurs is helping to support the Build Back Better agenda.”