£10m invested in Leicestershire small businesses by Start Up Loans
New figures released today show Leicestershire businesses have received £10m in funding from the Start Up Loans programme.
More than 900 (914) loans have been provided to entrepreneurs in the region, providing them with access to finance they may not otherwise have been able to secure to start their business.
Earlier this year, it was revealed that more than £75m in funding had been distributed across the East Midlands, with 40% going to female founders.
The Start Up Loans programme has played a disproportionate role in helping underrepresented groups in Leicestershire access start up and early-stage financing and support. Women received 42.7% of the loans, while ethnic minority groups received 14%. 31% of the under 25s that received finance were not in education, employment or training (NEET) when they got their Start Up Loan.
From equestrian training services to physiotherapists, lingerie for cancer survivors to SEND support – alongside many more high street stores and services – Leicestershire’s founders are bringing their business visions to life.
The Love of Colour is an independent art shop and gallery in the heart of Leicester that received £5,000 funding through the Start Up Loans programme. It provides cards, prints, and original works, specialising in abstract styles.
Sally Ann Dyer, the independent artist behind The Love of Colour, said: “Without the British Business Bank’s Start Up Loan, I wouldn’t have been able to lease the perfect building for my gallery nor afford to get it perfectly fitted out. I could not be happier with the support and interest from my special advisor during the application process and am more than grateful for the boost it’s given me in getting my new business up and running.”
Louise McCoy, managing director, Start Up Loans Products at the British Business Bank, said: “The British Business Bank is committed to supporting small business founders across the UK. The Start Up Loans programme is a vital part of this initiative, helping entrepreneurs and small businesses in their early stages to scale up and grow. Reaching this funding milestone for Leicestershire demonstrates the strength and ambition of the region’s founders, and the Bank looks forward to supporting them throughout their business journeys.”
Daniel Carrico, executive director at First Enterprise, a Start Up Loans programme business support partner, commented: “First Enterprise is dedicated to helping reach founders who have a passion and a dream, but lack the funds needed to make it happen. We’ve seen firsthand how access to finance, mentoring, and guidance can empower individuals, especially for those who have been historically underrepresented or excluded from traditional funding routes.”
Since its inception, the Start Up Loans programme has delivered more than 125,000 loans to business owners across the UK, amounting to more than £1.3bn of funding.