Since launching in 2012, Start Up Loans has delivered more than 7,300 loans worth over £70 million to businesses in East of England, with the average loan value being £9,684.
Essex is the East of England county that has received the most funding since 2012 at more than £18 million
Start Up Loans, part of the British Business Bank, today announces that it has provided the East of England with over 7,300 loans worth more than £70 million from the programme since 2012. Essex has received the highest volume of loans, followed by Hertfordshire and Norfolk.
Of the total 7,308 loans in East of England counties, 40% have been to women and 14% to people from Black, Asian and Other Ethnic Minority backgrounds (not including White Minorities).
Louise McCoy, Commercial Managing Director, Small Business Lending at the British Business Bank said: “Whenever we hit a lending milestone, we want to celebrate the exciting businesses who have used Start Up Loans to fund their enterprises. We’re also proud of the fact that 40 per cent of loans in the East of England since 2012 have gone to women, but feel we can continue to build on this. Over time we would like to see it rise to 50 percent.
“With inspirational founders like our East of England ambassador Alice Wu representing Start Up Loans, I hope that other women in the region will see that they too can turn business ideas into a reality and contribute to the region’s flourishing start up community.”
Alice Wu, founder of Peace and Pure, Cambridge, East of England said: “The East of England has a great small business community and it’s wonderful to see that Start Up Loans has been able to support so many of its members. Living in Cambridge, I have been able to meet a number of like-minded female entrepreneurs through Cambridge Judge Business School’s accelerator programme where we share ideas and support one another to grow and develop as leaders.
“Having quick and easy access to London has also played a major part in our success, because our advisors and investors, as well as a larger talent pool and key trade events are based there. I’ve no doubt our region will continue to go from strength to strength and uphold its reputation as a hub for new ideas and exciting enterprise over 2023 and beyond.”