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Start Up Loans Programme Beneficial for New Businesses
The Start Up Loans programme has had a positive impact on business start-up rates in the UK, according to a new, independent review.
The review found that the programme, which is run by the Start Up Loans Company (a subsidiary of the British Business Bank), has provided start-ups and new businesses with more than 50,000 loans amounting to £350 million in funding since its establishment in 2012. Around 35% of business owners receiving funding through the programme said without this help they would never have been able to set up their business.
“We welcome today’s interim findings by SQW Ltd,” said Matt Adey, Director of Economics at the British Business Bank. “As the UK’s Government-owned economic development bank, we are committed to ensuring our work receives independent scrutiny and are pleased that today’s findings show that the Start Up Loans Programme is helping boost the number of people setting up their own business.”
“I am really pleased to see the positive outcomes from the Year 2 evaluation,” added Joanna Hill, Start Up Loans Company CEO. “It is really encouraging to see that Start Up Loans are continuing to provide much needed support and opportunity to new business owners and the real contribution they make to the economy.”
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