Start Up Loans celebrates £25m of loans delivered to entrepreneurs in Essex
Start Up Loans today announces that it has provided nearly 2,500 founders in Essex with £25m in loans through its partners since 2012. Since the government-backed programme began, 2,442 entrepreneurs in Essex have taken out a Start Up Loan to start or scale their business.
Of this £25m total, more than £3m has been accessed by Essex businesses since April 2024, meaning it has been another strong year for supporting Essex-based business owners. Between 1 April 2023 and 31 March 2024, 253 loans worth £3,485,371 were provided to Essex based entrepreneurs.
The average loan value used to start or grow businesses in the county was £10,409. Essex was the most entrepreneurial county in the East of England region, with over one in four Start Up Loans in the region being taken out by entrepreneurs from the county.
Based on analysis of figures for each of the county’s parliamentary constituencies, Thurrock was the most entrepreneurial hotspot with the highest number of Start Up Loans being distributed to businesses in this borough, followed by Saffron Walden and Epping Forest.
Recent businesses set up in this county entrepreneurial hotspot include a pre-school nursery, a wellness supplements brand and an aromatherapy products business, showcasing the diversity of businesses supported by Start Up Loans.
Samantha Henry, from Halstead, Essex, used a Start Up Loan to launch a dog accessory business, tapping into a niche market during lockdown as pet ownership soared. With a background in PR and marketing, Samantha identified a gap in the market for appropriately sized products for puppies and her toy poodles and her sister’s Alaskan Malamutes.
Her venture, which was born from frustration with the lack of suitable options, has now flourished into a full-time business. Norfolk & Waveney Enterprise Services, a Business Support Partner of the Start Up Loans programme helped her through her application for the finance.
Samantha Henry, founder of Pup Chic Boutique: “Both my sister and I couldn’t find the right size accessories for our dogs and were getting items custom made but we were limited by the pattern choices, during lockdown, I realised there was a gap in the market, in particular for harnesses small enough to securely and safely walk puppies.
“My understanding of marketing really helped me strategically place resources into channels that have helped my business thrive. Using platforms like TikTok can really drive sales growth and my loan was pivotal in being able to acquire stock to meet this uptick in demand. I really would recommend checking out Start Up Loans for those considering starting their own business.”
Louise McCoy, managing director, Start Up Loans Products, British Business Bank: “We are proud to celebrate funding milestones and recognise the fantastic entrepreneurs from different regions in the UK. We are committed to providing entrepreneurs from all corners of the country with the finance they need to build their businesses, and Samantha is a fantastic example of using your background and spotting a gap in the market to create a successful enterprise.”
As an official Business Support Partner for the Start Up Loan programme, Norfolk & Waveney Enterprise Services operates within a network of Business Support Partners, delivering Start Up Loans in the range of £500 to £25,000 across the UK.