• Swindon & Wiltshire Support
• Tuesday November 26 2024
• Author Name: Peter Davison

Start up loans scheme hits £100 million milestone in South West

The government-backed Start Up Loans has hit a milestone of £100 million in the South West.

Since the scheme started 12 years ago, more than 10,000 businesses across the South West region have benefitted from loans.

In Bristol, £8,103,698 has been lent to 1,031 businesses. In Somerset, 1,492 have benefitted from loans totalling £13,450,606. And in Wiltshire, £11,457,555 has been lent to 1,073 businesses.

Entrepreneurs and smaller businesses who may otherwise find it difficult to secure loans from traditional lenders can access personal loans of up to £25,000 on a fixed six per cent rate of interest to start up or grow their business.

Through a partner, Newable, the programme also offers post loan support mentoring to loan recipients in their first year.

One of the latest businesses to benefit is Minnie Me’s, a salon specialising in neurodivergent clients in Castle Cary, Somerset.

Having worked as a stylist for seven years, Antonia-Michelle Lever opened the salon backed by mental health charities MIND and the National Autistic Society, inspired by her own experience.

“I wanted the freedom to work for myself rather than other people,” said Antonia-Michelle, “and saw a window of opportunity because no one else was offering what I do, catering for people with neurological conditions such as ADHD, autism or OCD.

Just being in a salon environment can be daunting for them. “It always pays to ask whether someone is happy for you to touch them or be in their personal space; whether they like lights and sounds, or not.”

Pointed in the direction of the Start Up Loans programme by a family friend, Antonia borrowed £6,000 from the programme via its Business Support Partner GC Business Finance. The funding allowed her to complete renovations and decorate her premises, helping to get the doors open as quickly as possible.

Alex Mearns, head of startup lending at GC Business Finance, said: “The idea behind Minnie Me’s is not only entrepreneurial-minded, but such a brilliant way to make sure the neurodivergent community in Castle Cary feel welcomed when getting a haircut or beauty treatment.

“We were so excited to be able to provide funding to a business that has such a strong community impact, and the success Antonia has experienced since receiving a Start Up Loan is really impressive. We can’t wait to see what’s next for her!”

Louise McCoy, commercial managing director, small business lending at the British Business Bank said: “We’re thrilled that the Start Up Loans programme has delivered over £100m of funding to 10,000 businesses across the region since its launch.

“The programme aims to expand access to funding for entrepreneurs looking to start-up and grow and this latest milestone is testament to the ambition of the South West’s entrepreneurs.

“Businesses like Minnie Me’s deliver a wide range of products and services to their communities and contribute to the economic vitality of their areas.”

The Start Up Loans programme is part of the government-owned British Business Bank’s remit to make finance markets work better for smaller businesses.

They can borrow up to £25,000 at a fixed interest rate of six per cent per annum and repay the loan over one to five years.

The programme also provides 12 months of free business mentoring which is delivered through its post loan support partner.

In the South West, the programme is supported primarily by SWIG Finance but also national programme partners such as GC Business Finance.