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.”