The British Business Bank’s Start Up Loans programme has delivered its 75,000th loan, marking more than £623 million invested in small businesses across the UK since its launch in 2012.

Of these 75,000 loans, 6,214 – or eight percent - have been issued to entrepreneurs in the South West, meaning more than £50 million has been invested in small businesses in the region.

A third of those who’ve been issued a loan since the scheme began were unemployed at the time they took out the loan. Forty percent have been women.

Business Secretary Alok Sharma said: ’The Start Up Loans programme was set up by the government-owned British Business Bank to give funding and support to entrepreneurs who might otherwise struggle to access it.

’The South West is both a major high-tech hub and a tourism hot-spot and it’s great to see funding supporting new entrepreneurs to make their mark in these industries.’

There has been a significant rise in loans since the start of the pandemic, with a 39% increase in loans drawn down between May – July 2020 compared to the same period last year.

The 75,000th Start Up Loans recipient was Helen Conway, from Blackwood, South Wales. Helen took out a loan of £25,000 this month to pay for the equipment and premises to open a new bakery.

In March 2020 as the UK went into lockdown, Helen alongside her daughter, Angharad, and son-in-law Lance, launched an online bakery delivery service, Ty Melin Bakery (Mill House).

Between April and August 2020, the trio has generated a turnover of over £30,000, despite having to limit the number of items baked per day due to lack of space. 

’The three of us have been discussing the possibility of starting a family venture for several years,’ said Helen.

’Lockdown gave us the perfect opportunity to launch, as the nation became increasingly reliant on delivery services to help make their time at home more bearable.

’When our online shop opens at 9am on Saturday we usually sell out by 10am. We also introduced national delivery for one of our most popular products, the Croissant Bomb, and they sold out within 90 seconds.

’We are delighted to have taken out our loan and the advice and guidance we received from Start Up Loans, through our loan provider, Business In Focus, was spot on.’

Richard Bearman, Managing Director of Start Up Loans, said: ’ Government backed finance for people looking to start their own businesses has never been more important than it is currently. As well as being key to economic growth over the long term, Government support for small businesses around the UK continues to drive investment into the regions.’