Business Enterprise Fund injects £50m worth of Start Up Loan funding to fuel small business growth across the North
Business Enterprise Fund - a Business Support Partner (BSP) for the British Business Bank’s Start Up Loans programme - has provided Northern businesses with over 4,500 loans through the programme, totalling more than £50m.
Through Start Up Loans, Business Enterprise Fund has supported the founders of smaller businesses across a range of sectors and locations, with female-founded businesses receiving 37% of loans. Business owners from an Ethnic Minority background made up 14% of loans and young entrepreneurs aged 18-24 received 8% of loans.
Start Up Loans provides personal loans for business purposes, which means each director can secure up to £25,000 worth of funding, up to a maximum of £100,000 per business.
Smaller businesses that Business Enterprise Fund has supported through the Start Up Loans programme include North East-based motorsports business, JPC Specialist Motorsports, which received a £20,000 Start Up Loan. JPC’s founder, Paul Connaughton, was named the British Business Bank’s North East Start Up Loan Ambassador for 2024-25.
Other smaller businesses include Wigan-based premier wig production company, Xtra9ce Wigs, which secured a £25,000 Start Up Loan to move to a larger premises and support further growth plans. Leeds-based Yorkshire Mushroom Emporium received a total of £50,000 worth of funding to scale up and grow.
“I’m so proud of Business Enterprise Fund’s achievement, providing £50m to smaller businesses through the Start Up Loans programme. This crucial funding has a huge impact on people and businesses across the whole country, and we’re really lucky to get to meet and work with these people day-to-day, supporting their ambitions and helping them achieve their dreams. We look forward to continuing this work, providing accessible funding to the smaller business community.”
Stephen Waud, CEO at Business Enterprise Fund
“The Start Up Loans programme is crucial in supporting new and early-stage businesses. It helps to propel business growth and prosperity around the country, and it’s amazing to see Business Enterprise Fund achieving this significant milestone. Smaller businesses are £50m better off thanks to the Business Enterprise Fund team, as they provide access to finance in the early stages of a business’ journey.”
Louise McCoy, Managing Director, Start Up Loans Products, British Business Bank