Start Up Loans celebrates £10m of loans delivered to entrepreneurs in Cambridgeshire
Start Up Loans today announces that it has provided nearly 900 entrepreneurs in Cambridgeshire with a total of £10m since the programme started in 2012. The average loan value used to start or grow businesses in the county was £11,313.
Since the government-backed programme began, over £98m of loans have been delivered to business owners in the East of England, meaning one in ten loans in the region has gone to entrepreneurs based in Cambridgeshire.
Of these loans, 36% have been taken out by younger entrepreneurs who are 30 or under. Positively, 41% have been delivered to female founders in the county, similar to the programme’s gender split on a national level.
Based on analysis of figures for each of the county’s parliamentary constituencies, Ely and East Cambridgeshire was the county’s entrepreneurial hotspot, by volume of loans. Cambridge and South Cambridgeshire were the next two most entrepreneurial constituencies.
Despite receiving fewer loans, the most finance went to South Cambridgeshire, followed by Cambridge and then Ely and East Cambridgeshire respectively.
Louise McCoy, managing director, Start Up Loans Products, British Business Bank: “Cambridge has firmly established itself as a hub for entrepreneurship, particularly in the tech and science sectors, thanks to its renowned research institutions and vibrant start-up community. At Start Up Loans, we are proud to support entrepreneurs at the very start of their journey across any sector, helping them turn their innovative ideas into thriving businesses.”
One Cambridgeshire entrepreneur who has taken the leap to start their own business is Melissa Smith, founder of Paws in Earnest. After being diagnosed with M.E, a debilitating illness that impacts your energy and overall health, Melissa was signed off work sick and decided to start her own business.
Melissa Smith, founder of Paws in Earnest: “After being signed off work, I was struggling to bond with my new puppy, Marty, as I felt I couldn’t do the basics, such as walking, playing and socialising. This is when I discovered the benefits of feeder toys, as toys kept him occupied and relaxed when my energy was low – but I found myself struggling with how much time it took and the mess it created afterwards.
“This inspired me to create my own feeder toys and skip to today, we have now got our products stocked in over 100 retailers internationally. The Start Up Loan was a lifeline in a very difficult period, allowing me to get the business up and running when full-time work just wasn’t possible.