South West businesses benefit from £11 million of loans in the past year

Start Up Loans, part of the British Business Bank, today announced that it has delivered more than £11 million of loans to businesses in the South West in the past financial year (2023-2024).

The scheme has a 12-year legacy of delivering funding to businesses who may otherwise find it difficult to secure loans from traditional lenders. The programme also offers mentoring to recipients in their first year. Since its inception in 2012, the programme has supported over 9,000 businesses through £90 million in loans in the South West.

In the past financial year alone (2023-2024), over £11 million has been lent to 874 businesses via the Bank’s appointed Business Support Partners, which is primarily SWIG Finance in the South West. Spread across the region, the diverse range of businesses includes an animal therapist, mobile cocktail bar, baker, green builder, photographer, sewing café and ceramics studio.

Richard Bearman, Manging Director, Small Business Lending, British Business Bank said: “We're delighted that the Start Up Loans programme continues to have such a hugely positive impact on entrepreneurs across the South West, helping hundreds of small businesses in the past year. Hitting £11 million is a huge milestone and highlights the success of our efforts to boost access to finance across the region.”

Devon business benefitting from financing

One of the businesses to benefit is Lucy Rose James Photography, a photography business based in Honiton, Devon. Set up last year by Lucy Jenkins, and named in honour of her late father, she specialises in photographing weddings and engagements.

She became interested in taking pictures when her dad Paul James bought her a camera for her 23rd birthday. Ever since then, Lucy has been documenting the world around her, taking photographs of adventures and family memories, just like her father once did.

“My dad was always taking photographs, documenting moments, memories and adventures we would inevitable always be getting lost on,” said Lucy. “After buying me my first camera, I too become hooked on the world that holding a camera in your hands opens up.

“After my dad passed away, this fuelled my drive to pursue a life of joy, and photography. It seemed fitting therefore that he should be part of the business and combining his name with mine felt like the perfect way to honour the inspiration that he was to me.”

She used a £1,400 Start Up Loan from British Business Bank, through its Business Support Partner, The Prince’s Trust, to invest in essential equipment, including a new lens for her camera and to get her website up and running. Lucy also worked with a mentor from The Prince’s Trust who supported her through the Start Up Loan application process.

“It really is worth the risk to take that leap,” she said. “Knowing that there are people who want to see you succeed truly does make all the difference.”

The Start Up Loans programme helps people start or grow their business and is part of the government-owned British Business Bank’s remit to make finance markets work better for 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.

If you would like to learn more about Start Up Loans support, visit: https://www.startuploans.co.uk/