Milestone moment for start-up loans scheme

The British Business Bank’s Star t Up Loans programme has issued its 75,000th loan, marking more than £623 million invested in small firms since its launch in 2012.

Of these 75,000 loans, 4,703 (about 6 per cent) have been issued to entrepreneurs in Scotland, meaning some £36.7m has been invested in small businesses north of the Border.

The programme has seen a significant rise in loans issued since the start of the pandemic in the UK. May to July saw a total of £31.9m of funding drawn down, compared to £22.9 min the same period a year earlier.

Richard B earman, managing director of Start Up Loans, said: “Start Up Loans’ 75,000th draw down represents a major milestone for our operations, meeting a key policy objective from when we launched in 2012.

“Government-backed finance for people looking to start their own businesses has never been more important.”