South West Businesses Receive £11 Million Boost: Find Out How

Start Up Loans Programme Delivers Vital Funding to Local Enterprises

In a significant development for the South West’s entrepreneurial community, the Start Up Loans programme, part of the British Business Bank, has provided over £11 million in loans to businesses across the region in the past financial year (2023-2024). This funding initiative has been crucial in supporting 874 diverse enterprises, helping them to launch and grow their operations.

A Legacy of Support

Since its inception in 2012, the Start Up Loans programme has facilitated over £90 million in loans to more than 9,000 businesses in the South West. This scheme, which offers loans of up to £25,000 at a fixed interest rate of 6% per annum, also provides free mentoring during the first year, aiding entrepreneurs who may struggle to secure traditional funding.

Diverse Range of Beneficiaries

The programme’s reach is broad, encompassing businesses of all types across the South West. Among the recent beneficiaries are an animal therapist, a mobile cocktail bar, a baker, a green builder, a photographer, a sewing café, and a ceramics studio. These businesses have received support through SWIG Finance, the Bank’s appointed Business Support Partner in the region.

Proper Cornish Milk: A Success Story

One notable recipient of this financial support is Proper Cornish Milk, a micro-dairy based in Cornwall. Founders Matt and Tessie Horton received £27,000 in loans via the Business Enterprise Fund. This funding enabled them to build a processing room, purchase bottling machines and fridges, and acquire a herd of six cows.

“The money from the British Business Bank was really important for helping with our start-up costs but also with solidifying our business plan,” said Matt. The couple’s ethical farming practices and local delivery service have made them a cherished part of their community, providing fresh, unpasteurised milk to over one hundred families.

The Impact and Future of the Programme

Richard Bearman, Managing Director of Small Business Lending at the British Business Bank, expressed his delight at the programme’s continued success. “Hitting £11 million is a huge milestone and highlights the success of our efforts to boost access to finance across the region,” he said.

The Start Up Loans programme aims to empower new and early-stage businesses by offering essential financial support and mentoring. Entrepreneurs can access free business guides and further information on the programme by visiting the Start Up Loans website.

A Broader Mission

The Start Up Loans programme is part of the British Business Bank’s broader mission to enhance the finance markets for smaller businesses, helping them to thrive and contribute to economic growth. Since 2012, the scheme has delivered over 105,000 loans, totalling more than £1 billion in funding. The economic benefits of the programme are nearly six times its costs, underscoring its effectiveness and impact.

For more information on how to apply for a Start Up Loan and benefit from the programme’s support, visit Start Up Loans.