The British Business Bank has issued its 75,000th loan under its Start Up Loans scheme, marking more than £623m invested in small businesses across the UK since its launch in 2012.
The number of small business loans has increased sharply since the start of the pandemic. Between May and July, a total of £31.9 million in funding was drawn down, compared to £22.9 million in the same period in 2019.
July saw a record month for drawdowns since 2014 as lockdown restrictions began to ease and businesses reopened to customers.
Of the 75,000 loans, 22% – 16,508 – were made to entrepreneurs in London, meaning more than £137million was invested in small businesses in the capital.
London received the most loans in the UK, with an average loan size of £8,299, followed by the North West with 9,219 loans worth £74m.
The South East received 6,752 loans – 9% – worth £60m, followed by the West Midlands where a total of 6,198 loans – 8% – were made worth £50m sterling.
|Region||Loans granted||Amount lent (£)||Average loan size (£)|
|east of england||4,988||41,066,875||8,233|
|Isle of man||2||10,000||5,000|
|North West||9,219||74,692,327||8 102|
|South East||6,752||60 396 668||8,945|
|Yorkshire and the Humber||6,332||54,868,989||8,665|
|Region not obtained||801||9,606,463||11,993|
|Total||74,737||623 756 999||8,346|
Source: British Investment Bank
Since its launch, 40% of British Business Bank’s loan recipients have been women, while one in five have come from black, Asian and minority ethnic communities.
“Start-up loans” 75,000and the levy represents a major milestone for our operations, fulfilling a key policy objective since our launch in 2012,” said Richard Bearman, Managing Director of Start Up Loans.
“Government-backed funding for people looking to start their own business has never been more important than it is now. As well as being key to long-term economic growth, support from government to small businesses in the UK continues to stimulate investment in the regions.
Business Secretary Alok Sharma added: “Our plan to build back better will improve every region and every sector of the UK economy, supporting makers, doers and innovators, whatever their journey.”