Start-ups benefit from nearly £3m in loans
NEARLY £3 million has been issued in start-up loans in Reading over the past decade, helping young people launch businesses.
The British Business Bank has helped 259 businesses in the Reading East and Reading West parliamentary constituencies get off the ground since 2012, with loans totalling £2,714,788, mentoring and support.
Neighbouring Wokingham saw 116 people helped, with £1,429,049 in loans.
Bracknell saw £1,093,673 loaned to 91 people, while in Maidenhead, 140 people benefited from loans worth £1,740,215.
It is part of a £10 million package delivered over the past decade to people aged 18 to 24.
Of those to receive a Start Up Loan across the UK, the most popular industries to launch a business in include retail (£8.5m), hospitality (£5.8m) and arts and entertainment (£2.5m).
The Start Up Loans programme helps people start or grow their business, and is part of the governmentowned British Business
Bank’s remit to support smaller businesses.
They can borrow up to £25,000 at a fixed interest rate of 6% per annum and repay the loan over one to five years.
The programme also provides 12 months of free business mentoring.
The funding milestone comes as the Start Up Loans programme launched a new campaign to help students access information about the scheme.
Small Business Minister Kevin Hollinrake said: “Every large firm started off as a small business and today’s aspiring young entrepreneurs could be the next success story. I urge them to explore how a Start Up Loan could launch their ambitions today.
“Through the British Business Bank, and the Help to Grow campaign, we’ve backed the next generation of business leaders with over £100 million in governmentbacked finance.”
Richard Bearman, managing director small business lending at British Business Bank, said: “It’s amazing to see people in their late teens and early twenties with such ‘can-do’ attitudes and motivation.”
■ For more information, visit: www.startuploans.co.uk