Government-backed Bank supports founders in Suffolk with £10m of funding
Today, Start Up Loans announces that it has delivered over £10m in funding to small businesses in Suffolk, marking a significant local milestone in its mission to make finance for entrepreneurship more accessible. The average loan value in the county was £10,009.
Of the loans issued, 42% went to female founders, totalling over £4.2m and 425 individual loans. This highlights the programme’s continued investment in improving access to finance for underrepresented groups in the UK.
Moreover, Start Up Loans has shown a growing impact in empowering young people seeking alternative career paths through entrepreneurship. 11% of all recipients in the county were aged 18-24, with 31% of these identified as not in education, employment or training (NEET) at the time of application.
Since launching in 2012, more than 1,000 Start Up loans have been issued to Suffolk-based entrepreneurs to help them start and grow their businesses across a range of industry sectors, including creative industries, retail and leisure. In addition to funding, recipients also benefit from dedicated post-loan support and mentoring.
Louise McCoy, managing director, Start Up Loans Products, British Business Bank:“This milestone reflects the ambition of Suffolk’s entrepreneurs, and the role accessible finance plays in unlocking their potential. At Start Up Loans, we are especially proud of supporting the East of England’s early-stage business landscape, with increasing representation from female founders and young people. It is a privilege to see first-hand how funding and mentoring can turn bold ideas into successful businesses.”
One Suffolk entrepreneur who has launched a business with support from the programme is Ipswich-based photographer Kerrianne Crane. Unable to pursue traditional employment due to full-time caring responsibilities, Kerrianne used a Start Up Loan to set up a home-based photography studio, offering her a more flexible schedule.
Kerrianne Crane, founder, Kerrianne Crane Photography, said: “My interest in photography began when my daughter was a child model and I spent time on professional photo shoots. As a full-time carer for my son, traditional employment wasn’t feasible for me, but I still wanted to build a career of my own.
“With the help of Start Up Loans funding, I was able to set up a fully-equipped studio in my garden. I now specialise in children’s portraits and have recently expanded into family photography. I particularly enjoy having a creative outlet to work on and the flexibility to work around my other responsibilities.”