The Start Up Loans Company lent £62.8m in new business funding in 2017
Start-ups in 20 sectors attracted funding from the government-backed scheme, with London getting the lion's share
The government-backed Start Up Loans Company – headline sponsor of the Startups Awards – has revealed that it lent £62.8m to UK small businesses across 20 sectors in 2017.
Its new interactive guide shows that London businesses scooped the lion’s share of the funding (£11.9m), equating to £7.2m more than the whole of Scotland (£4.7m).
The South East (£7.9m), the West Midlands (£7.9m), the North West (£6.4m), and the South West (£5.2m) followed.
The wholesale and retail trade category attracted one of the largest sums of investment (£10.7m), with mail order retail and internet businesses overtaking retail trade (except motor vehicles) to get the most funding.
Service activities (£7.1m), manufacturing (£6.9m), and accommodation and food (£7.2m) were other categories that landed major investment.
The North West actually received the most money for takeaways and mobile food stands (£156,600), followed by Scotland (£149,100).
Businesses in the arts and entertainment category raised £3.8m in 2017, with fitness facilities, amusements and recreation activities, and other sports activities attracting the most within the category. The East of England and East Midlands received the most money for fitness facilities (£80,000).
Yorkshire and the Humber got more investment than any other UK region for pubs and bars (£87,250), whilst the West Midlands received the most money for hotels (£89,100).
Cameron Bisset, digital content manager for the Start Up Loans Company, commented:
“We back thousands of start-up businesses each year and we wanted to share some of the transformations with the public. The interactive showcases where money is lent and provides a breakdown of the work we do in enhancing business communities nationwide.
“We have supported more than 40,000 businesses with around £250m in funding, and the guide illustrates the work we do in making businesses a success in key industries.”
Set up in 2012 as a subsidiary of the British Business Bank, The Start Up Loans Company provides funding and expert advice for businesses and individuals.
Find out more and apply for a Start Up Loan here.
And enter the Startups Awards 2018 here.