London’s female entrepreneurs boosted by £100m of Start Up Loans
Female entrepreneurs based in London have benefited from £100m of finance to start and grow their businesses under the British Business Bank’s Start Up Loans programme. The programme has delivered 10,853 loans in total, supporting approximately 10,000 businesses.
London’s entrepreneurial hotspots
The top five London Parliamentary constituencies for Start Up Loans finance delivered to female entrepreneurs are:
- Hackney South and Shoreditch – £2.86m
- Lewisham East – £2.05m
- Lewisham North – £2.03m
- Tottenham – £2.02m
- Chelsea and Fulham – £2.00m
Female business owners in North London received a total of £57.5m across 6,213 loans, while female business owners across South London received a total of £43m across 4,640 loans.
58 of London’s 75 Parliamentary constituencies each received a total of £1m or more in Start Up Loan funding for female entrepreneurs.
When adjusting for population size, the most entrepreneurial areas of London, based on the volume of Start Up Loans received by female entrepreneurs, are as follows:
- Hackney South and Shoreditch (266 loans per 100,000 residents)
- Lewisham North (229)
- Lewisham East (224)
- Hackney North and Stoke Newington (220)
- Tottenham (207)
Supporting underrepresented groups
Besides supporting female founders, Start Up Loans has also helped other underrepresented groups access the finance needed to start or grow an early-stage business. 48% of the Start Up Loans to London female founders have been delivered to entrepreneurs from ethnic minority groups, while 24% of recipients aged 18-24 were categorised as not in employment, education or training (NEET) before they started their business.
Start Up Loan was instrumental in founding TAGALONG Baby
Iuliia Carey founded TAGALONG Baby, a London-based premium baby and toddler carrier brand, with support from a Start Up Loan.
Iuliia trained as an interior designer before building her own business in the beauty industry. Becoming a mum in 2022 gave her a new perspective and inspired her to create something that could genuinely make life easier for other families.
The Start Up Loan enabled Iuliia to produce her first batch of baby carriers, turning years of product development into a real product ready for families.
It also allowed her to complete independent testing through an accredited laboratory to ensure TAGALONG Baby Sling Carriers would meet recognised European and American safety standards.
In addition, the loan covered essential compliance costs, including technical documentation, safety instructions, labels and regulatory requirements, plus design protection. The funding also supported branding, packaging and preparing the business for launch.
Iuliia commented:“The Start Up Loan didn’t just help fund a new product. It helped turn an idea into a trusted brand built on safety, quality and thoughtful design.
“Becoming a mum in 2022 completely changed my perspective on life. Like many parents, my priorities shifted overnight, and I experienced first-hand both the joys and the challenges of everyday parenting.
“As I started using baby carriers, I realised that although there are many great products available, I couldn’t find one that truly combined comfort, practicality, safety and timeless style.
“I didn’t set out to create just another baby carrier. I set out to solve the problems I experienced as a mother.”
Another London female founder to have benefited from a Start Up Loan is Yandis Ying, founder of Dot Dot Tea. Yandis added: “The Start Up Loans programme gave us the confidence and early funding to build Dot Dot Bubble Tea into the UK’s first dedicated bubble tea brewery. Today, we’re stocked by retailers including Harrods, Selfridges, Costco, Planet Organic, Virgin Atlantic and the University of Cambridge. Access to finance at the right stage can make a transformational difference for ambitious founders, particularly female entrepreneurs.”
Louise McCoy, managing director, Start Up Loans Products at the British Business Bank commented: “It’s incredible to reach this £100m lending milestone for delivering
Start Up Loans to London’s female business leaders. Entrepreneurial activity is bubbling away in every area and every community across London, and business owners like Iuliia brilliantly demonstrate the drive and determination of enterprising female Londoners to establish innovative and successful businesses.
“However, we’re determined to provide even more support to London based entrepreneurs than ever before. Therefore, we’ve expanded access to Start Up Loans, so now businesses that have been trading for up to five years can apply, opening the opportunity for thousands more female-led businesses in London to start and grow with support from Start Up Loans.”