Government-backed British Business Bank equips armed forces community with £40m in funding for start-ups
Ahead of Armed Forces Day, Start Up Loans and X-Forces Enterprise announce over £4m worth of loans has been delivered to members of the Armed Forces community since July 2024.
Overall, since 2013, the value of Start Up Loans to Armed Forces personnel, veterans, and their families is approaching £40m (£39m). Since the partnership started, over 3,390 members of the wider military family have received funding and tailored support to start and grow their own businesses.
Recipients include veterans and family members from the Army, Royal Air Force, Navy and Marines. The most popular sectors for new businesses include retail, manual trades and digital/web services.
This milestone highlights the far-reaching impact of the programme. Last year, X-Forces Enterprise estimated that the businesses supported through these loans have created over 10,000 jobs, demonstrating the community-wide benefits of armed forces-led entrepreneurship.
In addition to helping businesses access funding, X-Forces Enterprise provides pre-and-post-loan mentoring to help entrepreneurs navigate the transition from military services into entrepreneurship.
Richard Bearman, co-chief banking officer, British Business Bank said: “The Armed Forces community is a vital part of the UK population and it’s essential that they receive the support they need to transition successfully back to civilian life. Reaching nearly £40 million in lending for entrepreneurs from the Armed Forces is a moment to celebrate, as it reflects the incredible potential of this community and we clearly are doing more than ever with £4m being delivered in the last twelve months alone.”
Ren Kapur MBE, founder and CEO of X-Forces Enterprise commented: “It’s fantastic to work with Start Up Loans, and to see Armed Forces personnel and their families set up businesses, achieve their dreams, and create jobs. We share their success stories at our Soldiering On Awards and when we’re out and about at many military-led events. It’s hugely rewarding for us to see them realise their entrepreneurial ambitions and positively impact society.”
Armed Forces personnel and their families use their skills to create such a variety of businesses, from Jamie’s hot sauce company through to UK Connect which is a multi-million pound turnover computer networking business. We are delighted to have supported over 3,300 business owners.”
One founder to receive a loan from X-Forces Enterprise is Jamie Cleland, owner of hot sauce company Big Jim’s Kitchen, which instils the flavours of Scotland into delicious sauces, including their Hot Toddy and Irn Bru & Whisky flavours.
Jamie Cleland, owner, Big Jim’s Kitchen said:“Big Jim’s Kitchen was born out of passion, creativity, and a love for bold flavour – but to turn that vision into a real business, we needed belief and backing. Thanks to the incredible support from X-Forces Enterprise and Start Up Loans, we got the funding and the confidence to launch something truly special. Now, we’re bottling the spirit of Scotland, one whisky-infused sauce at a time.”
The Start Up Loans programme was established in 2012 to help people – wherever they are in the UK and whatever their background – to achieve their ambitions of starting their own business. It provides fixed-interest loans of between £500 and £25,000 to aspiring business owners, many of whom might otherwise struggle to secure finance.
To further support existing or aspiring veterans and their families, Start Up Loans and X-Forces Enterprise have published a guide to equip the Armed Forces community with the knowledge needed to successfully launch and manage their new venture. The ‘Essential guide to starting a business: Veterans edition’ can be found here: Funding | X-Forces Enterprise