Lancashire businesses supported with £25m of Start Up Loans support
The Start Up Loans programme, part of the British Business Bank, today announces that it has provided over £25m of Start Up Loans funding across 2,753 loans to businesses in Lancashire.
Of these loans, 41% went to female founders, amounting to over £10m and 1,135 loans. 12% of the funding also went to entrepreneurs aged 18–24, with a quarter of these young people not being in education, employment or training (NEET) prior to receiving the loan. This demonstrates the programme’s commitment to improving access to finance for underrepresented groups.
Hyndburn received the highest total funding, with £2.7m spread across 359 loans. This was followed by Ribble Valley (£2.4m), Pendle and Clitheroe (£2.4m), and Chorley (£2.2m).
Overall, the North West is one of the most entrepreneurial parts of the UK, receiving the most Start Up Loans finance outside of London and the South East. The Start Up Loans programme has provided just over £150m to business owners in the North West.
Start Up Loan recipients in Lancashire include Craft + Common, an all-in-one pottery painting studio and bar, which secured £50k of funding to purchase its first studio. Other businesses the programme has recently supported include an authentic Asian wedding catering service and a reformer Pilates facility.
Louis Taylor, CEO of the British Business Bank, said: “The Start Up Loans programme was designed to help smaller businesses access affordable finance and valuable mentoring support. This milestone is a clear example of that mission in action. I’m looking forward to visiting Lancashire this week and seeing first-hand how businesses such as Craft + Common are benefiting from the programme and the real impact our support is having on the ground.”
Craft + Common, Lancashire-based Start Up Loan recipient
Craft + Common, an all-in-one pottery painting studio and bar founded by friends Lauren Rowland and Hannah Muir in 2023, secured a Start Up Loan to support the move into its first premises in Lytham St Annes. The business secured £50k of funding from the Start Up Loans programme with the support of its Business Support Partner, GC Business Finance (GCBF). The finance was used to support the purchase of its first studio and acquire crucial equipment to get things up and running.
Craft + Common offers pottery painting and ‘sip and paint’ events in a fun, relaxing, and social environment. Following the success of its first studio, it has now opened two additional studios in Lymm and Lancaster.
Lauren Rowland, co-founder of Craft + Common, said: “We never could have imagined how our little idea would have come to life, and we have achieved so much success in just two years. We’re very grateful for the support we have received from our local community and beyond.
“The Start Up Loan funding supported us in getting started and we wouldn’t be where we are now without it. We have opened a second studio in Lymm which has received lots of support from the local community, and we’re excited to see what is next for us.”
Gareth Thomas, Minister for Services, Small Business and Exports, said: “The government is determined to unlock the UK’s immense growth potential and that means ensuring entrepreneurs can access the finance they need including through the Start Up Loans programme.
“This is an impressive milestone for the programme which has supported entrepreneurs and businesses across Lancashire, boosting the local economy and raising living standards.”