Start Up Loans passes £50m funding milestone in East of England

The British Business Bank’s Start Up Loans programme today announces it has passed a major milestone of £600 million worth of loans delivered outside of London, providing 68,559 loans to entrepreneurs outside of the Capital since its launch in 2012. The East of England alone received 6,106 (7%) loans at the value of over £55m.

Start Up Loans provides mentoring, support and funding to aspiring business owners in every corner of the United Kingdom and its impact has been particularly noticeable among individuals who might find it difficult to secure loans from traditional lenders.

The North West received the highest number of loans outside of London with a volume of 10,881 (12%) worth over £94 million. The South East received 8,378 loans (10%) worth over £81 million, followed by Yorkshire & The Humber where a total of 7,497 loans (9%) were provided at the value of over £68 million. These figures reflect the regional diversity of entrepreneurialism across the country and highlight the success of the programme in supporting SMEs that reside outside of the entrepreneurial hub of London.

Joel Clayton from Cambridge received a loan through delivery partner Transmit Start-Ups in 2019, which he used to establish a record label, Trapped Animal Records, with two other musicians.

Joel Clayton, Founder of Trapped Animal Records said:

“We called it Trapped Animal as a nod to how it we had all felt as touring musicians who find themselves working a job following weeks playing music in places like Germany or at UK festivals, drinking fine beer and meeting lovely people only to be sat in the grey towers of Central London’s financial district, 24 hours after feeling like a rock star for a week!

“The ethos of the label is to emancipate musicians from all backgrounds and socio-economic groups and help them reach ears they would not reach without us, and to experience things that would be withheld by less courageous minds in the industry.”

Richard Bearman, Managing Director of Start Up Loans, said:

“Providing £600 million 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 smaller businesses 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 are helping to support the Build Back Better agenda and we’re delighted to have been able to help Joel make his dream into a reality”. 

Small Business Minister Paul Scully said:

“There is so much creativity and dynamism in East Anglia and across the UK, but without access to funding and support it’s difficult to fully unlock the entrepreneurial spirit that makes this country great.

“Cambridge is a global byword for innovation and excellence having given the world the telescope, the webcam and the Thermos flask, a legacy which dynamic new businesses like Trapped Animal Records are taking forward.

“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.”

For more information visit the Start Up Loans  website