The British Business Bank’ Start Up Loans scheme has given out over 75,000 start up loans to new businesses including to start ups in the Lewes Constituency.
In total, the Government-backed scheme has lent more than £623m, with an average loan size of just over £8000, to small businesses across the UK.
In the Lewes constituency specifically, Start Up Loans has issued 82 loans worth £581,815.
Start Up Loans was established in 2012 with a mission to help new and early stage UK businesses access affordable finance and mentoring support. The scheme has had a transformative impact on the lives of thousands of individuals, often those under-represented in the business community. The British Business Bank is proud that Start Up Loans has lent money to people in every part of the country and its impact has been particularly noticeable in areas of deprivation.
The scheme has seen an increase of 39% from the same May-July period in 2020 compared to 2019, largely due to the COVID19 pandemic.
Maria Caulfield MP said “The government backed British Business Bank’s Start Up Loans scheme has helped 82 businesses get off the ground in Lewes taking loans worth a total of £581,815. The government is backing businesses in Lewes through scheme like this as well as the COVID19 specific schemes such as furlough, which has seen over 11,000 jobs protected, and supporting over 4,600 self-employed people with £13,600,000 worth of grants.”