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Start Up Loans hits £300m lending milestone to UK micro-businesses

Covent Garden oyster bar secures 46,400th loan as company reveals it has supported an average of 11,200 new businesses a year

The Start Up Loans Company has announced that it has now lent more than £300m to UK micro-businesses since launching in 2012.

The milestone was reached after Covent Garden-based oyster bar and seafood restaurant The Oysterman secured the programme’s 46,400th loan.

The government-backed programme provides loans of up to £25,000 at 6% fixed rate per annum alongside mentoring and support. Over the last five years, it claims to have supported an average of 11,200 new and early-stage businesses a year and helped to create 55,700.

The news comes the week after the Start Up Loans Company revealed it has supported female entrepreneurs to the tune of £100m to date.

Margot James, small business minister, said: “Giving the UK’s small businesses the jump-start they need to grow and thrive is a key priority of our Industrial Strategy and it’s great to see just how many small businesses the government-backed Start Up Loans Company has helped in the past five years.”

Tim Sawyer, CEO of the Start Up Loans Company, added: “The Oystermen is a great example of a business idea which has been brought to life with a Start Up Loan. They now have a solid business plan in place which will see them grow their footprint across London and bring oysters to more seafood lovers in the capital and beyond.”

Henry Williams
Henry Williams

Henry has been writing for since 2015, covering everything from business finance and web builders to tax and red tape. He’s also contributed to many of our industry-renowned annual indexes, including Startups 100 and Young Guns, and created a number of the site’s popular how to guides. Before joining the team, he reviewed films for a culture website, and still harbours ambitions of being a screenwriter.


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