The Business Secretary, Jacob Rees-Mog has announced that the eligibility criteria for the Start Up Loans programme will be expanded to support businesses that have been trading for up to 3 years (an additional year compared to the previous scheme).
Since it’s inception in June 2012, the Start Up Loans programme has provided more than 95,000 loans to start-ups. Eligible businesses have been offered an average of just over £9,000 in support, with a fixed interest rate of 6%. In the West Midlands alone, the British Business Bank’s Start Up Loans programme has provided funding worth more than £73m to new business owners since the launch.
There are now 33,000 new loans available of up to £25,000, and a further second loan will also be available to businesses operating for up to 5 years. More information can be found here.
If you would like to find out more about the expansion of the Start Up Loan scheme or to discuss your eligibility, please don’t hesitate to get in touch with our Corporate Finance team.
Email: [email protected]
Phone: 02476 306 029