GC Business Finance hits £125m milestone for UK start-ups
Alternative finance provider, GC Business Finance (GCBF) has delivered £125m to almost 10,000 start-ups across the UK in the last financial year (FY2023-2024) helping them start, grow and thrive.
This consists of nearly 2,000 loans as National & Regional Business Support Partner, as well as 8,000 loans under the Finance Partner contract, where it supports all other Regional, National and Specialist Business Support Partners across the UK.
Founded in 2012, Start Up Loans provides loans to new and early-stage businesses across the UK, with entrepreneurs being able to access personal loans for business use, ranging from £500 to £25,000. Businesses also benefit from wraparound support and guidance from the application through to post loan support.
Initially a Business Support Partner for the North West only, GCBF has provided 68,458 Start Up Loans amounting to £678m since 2012, with 40% of businesses supported being female founded, and 21% of funding going to ethnic-minority founded businesses in the last financial year.
Owing to GCBF’s impressive track record in supporting SMEs, they secured a national contract with the British Business Bank. This enabled them to extend their support to businesses throughout the UK. As a result, their team expanded from four to 17 members, and their annual output increased fourfold.
Businesses recently supported through SUL include Lytham-based Craft + Common, which received £50,000 to support the launch of the business. It is already looking to open a second location, just a year since starting trading.
Loughborough-based VegVan also received £25,000 to purchase a food van and support the growth of the business.
Alex Mearns, head of Startup Lending at GC Business Finance, said: “The Start Up Loan programme helps entrepreneurs who may otherwise struggle to access finance to secure funding, allowing us to work towards building a healthy start up ecosystem, leading to a stronger and more diverse economy.
“Having delivered the scheme in the North West for the last 12 years, we’ve built up a solid track record supporting entrepreneurs across the region. Since becoming a national Business Support Partner, we’ve been able to work alongside more businesses nationwide to help them grow, secure finance and access business support in way that is straightforward and clear.”
Louise McCoy, commercial managing director, Small Business Lending, British Business Bank: “We are proud of how many businesses Start Up Loans funding has supported, with GC Business Finance successfully delivering funding to entrepreneurs around the country. Access to finance in the early stages of starting a business is fundamental to the success of startups, and the Start Up Loans programme is crucial in driving small business growth and prosperity nationally.
“The support the Start Up Loans programme has given to the likes of Hannah and Lauren at Craft + Common, and Terri at VegVan, shows just how important this funding is, and how successful businesses can be with the right support.”
