2016 saw over 7,000 Start Up Loans awarded to UK entrepreneurs

The government-backed Start Up Loans Company has announced that, since January 2016, it has issued 7,365 loans to help aspiring UK entrepreneurs start a business.

According to the Company’s latest internal data, new business owners in London scooped 23% of loans followed by budding start-ups in the South West (10%) – Bath and Bristol in particular – and the North West; Liverpool and Manchester especially.

On the flip side, there hasn’t been the same loan demand in Northern Ireland, Wales, and the North East of England. CEO Tim Sawyer has said that trend this could change if there were combined efforts “from  prospective business owners, local authorities and the government.”

Launched in September 2012, The Start Up Loans Company provides business loans and mentoring support to entrepreneurs. Thousands of new businesses have been approved for loans, totalling over £250m, with an estimated 41 businesses backed per day.

Sawyer added: “We’ve had a really busy 2016, and projections for the next 12 months ahead look good. We’ve enjoyed analysing the data, but it’s no surprise to us that the South West and North West are booming in terms of new businesses.

“There has been a lot of money invested in to these areas – particularly Bristol, Bath, Manchester and Liverpool – and the resources and transport links available for new businesses in these areas are excellent.”