GC Business Finance’s Start Up Loans team hails record summer following team expansion
GC Business Finance (GCBF), a Business Support Partner for the British Business Bank’s Start Up Loans (SUL) programme, achieved its strongest month so far in August, providing 230 loans worth £2.1m to ambitious start-ups across the UK.
The team had set a previous record in July, providing 218 loans worth £2.2m to businesses. This brings the team’s total lending through the Start Up Loans programme to over £12m since its new financial year began in April, supporting over 1,050 businesses and marking a 16% increase year-on-year.
This targeted support has also helped traditionally underrepresented founders to start and grow their businesses, with 42% of those supported being female founders and 22% from an ethnic minority background.
With such impressive growth in activity, the team has continued to expand to support even more businesses across the UK. Now 22-strong, the underwriting team has recently grown by 23%, with new hires including Ford Wilding, Emma Fearon and Christy Alokan.
Daniel Hughes has also been promoted to senior underwriter, helping to lead the expanding team on its lending efforts. In his time at GCBF, Daniel has already helped over 500 businesses across the UK to access a total of £7.3m.
Alex Mearns, head of startup lending at GC Business Finance, said: “Despite what is a quieter month for some, our Start Up Loans team has continued to scale across the UK, resulting in what has been our busiest month to date. In what is now our third year as national Business Support Partner for the programme, our sights are firmly set on ensuring all entrepreneurs, no matter where they are based or their background, can access the funding they need to start-up and scale.
“Set against this impressive growth, it’s only natural that our team has grown further, welcoming talented new underwriters, along with the very well-deserved promotion of Daniel. Our team all share the same ethos of supporting ambitious founders, and it’s this, coupled with our extensive expertise, that will ensure we can continue achieving more record months.”
Louise McCoy, managing director, Start Up Loans Products at British Business Bank, added: “After an impressive performance in our last financial year, the GCBF team are continuing to drive a positive impact across the UK, ensuring entrepreneurs have the funding they need to set up businesses and drive growth across the UK economy. It’s this dedication that underpins the programme and makes sure that everyone, no matter that background or circumstances, feels supported and has the resources to make a real difference.”
The British Business Bank’s SUL programme caters to the needs of new and growing businesses that often face challenges securing funding through traditional routes, and empowers business owners with the confidence they need to reach their full potential.
GCBF provides tailored funding and advice as a Business Support Partner and is also a Finance Partner for the programme, where it supports all other regional, national and specialist Business Support Partners across the UK. It plays a vital role in providing entrepreneurs with the support they need to start and scale their businesses, offering funding from £500 to £25k alongside bespoke support and advice.