Start Up Loans urges UK shoppers to support their local entrepreneurs this festive period

Start Up Loans, part of the British Business Bank, is supporting small businesses by encouraging people around the UK to purchase from their local independent retailers this Christmas.

Richard Bearman, managing director, Start Up Loans said: “Christmas is an essential period for retailers around the country and after a turbulent 2020, many will be hoping for big sales in December. For anyone, like me, who hasn’t already done their Christmas shopping, I’d encourage you to look at how you can support the fantastic variety of local businesses in your area that are an essential part of our national economy.”

Since 2012, the Start Up Loans scheme has delivered more than 78,000 loans, providing more than £663m of funding to small businesses around the UK. Of the people who received a loan since 2012, 31,036 (40%) were women, more than 15,000 (20%) were people from Black, Asian and Minority Ethnic communities (BAME) and 20,600 (27%) were unemployed when they applied for the loan, reflecting the diversity of the UK start up community.

Support beyond a traditional loan package has always been key to the Start Up Loans offering. We offer pre and post-loan mentoring packages to all customers in the early stages of bringing their business ideas to life, including access to Learn With Start Up Loans, our new partnership with the Open University, with courses covering key aspects of running a business. Our low-interest loans of between £5,000 and £25,000 are primarily aimed at those business owners who would otherwise struggle to access finance.