The Bank\u2019s Start Up Loans programme has reached a major milestone of deploying more than \u00a320 million to more than 2,000 local business owners*, helping them launch and grow their companies.<\/p>\nThe most popular local authority for Start Up Loans isMid-Ulster with 350 loans, followed by Belfast with 338, then Fermanagh & Omagh with 242. In each of Newry Mourne & Down and Armagh City, Banbridge & Craigavon, 234 loans were issued.<\/p>\n
In Northern Ireland, a high percentage of the financewent to underrepresented groups and those that would otherwise struggle to find finance to start a business. 12% of borrowers were under 25, and within that group 32% were not in education, employment or training. 20% of borrowers were unemployed. <\/p>\n
Secretary of State for Northern Ireland, Hilary Benn, said: “I am delighted that 2,000 local businesses across Northern Ireland have now benefited from a total of \u00a320 million funding through the British Business Bank\u2019s Start Up Loans scheme.
“The scheme sits alongside the British Business Bank\u2019s \u00a370 million Investment Fund for Northern Ireland, which has supported economic growth by backing innovation and creating opportunities for new businesses across Northern Ireland.
“The UK Government is committed to working with the NI Executive so that these businesses have the help they need to develop even further.\u201d<\/p>\n
The Start Up Loans programme, while operating with a commercial focus, exists to help open up the financemarket to underrepresented groups, who might otherwise struggle to access finance, so they can start viable businesses. <\/p>\n
A business that has benefitted <\/p>\n
Norman Allen, the owner of Dirty Harry\u2019s Specialist Cleaning Services NI said the Start Up Loan he took was the catalyst for kick-starting his new niche business\u2013 crime scene cleaning. <\/p>\n
\u00a0<\/p>\n
He said: \u201cWe took two loans, with the first one helping me put a van on the road while the second one was used for cashflow and the day-to-day running of the business.<\/p>\n
\u00a0<\/p>\n
\u201cThe mentoring element has also been very beneficial. There are a number of areas you can receive mentoring in such as marketing, but as someone new to running a business my mentoring has been centred on building up my skills as a business owner.<\/p>\n
\u00a0<\/p>\n
\u201cI\u2019m really glad I took the plunge. Being your own boss is extremely satisfying and the control I now have over my time is really pleasing. There\u2019s lots of hard work and I\u2019m responsible for every element of the business, but I wouldn\u2019t swap it.\u201d<\/p>\n
\u00a0<\/p>\n
Susan Nightingale, British Business Bank Director Devolved Nations said: \u201cStart Up Loans has the power to help people fulfil lifetime ambitions. Northern Ireland has great entrepreneurial spirit with many people harbouring aspirations of being their own boss.<\/p>\n
\u00a0<\/p>\n
\u201cThe Start Up Loans programme provides the finance and support to help people take that first step in starting and growing their own business. It is very encouraging to see this \u00a320 million milestone being surpassed and it\u2019s pleasing to see loans being issued right across Northern Ireland. If you are thinking about starting your own business, the British Business Bank is committed to helping you access the right finance to start up and scale up.\u201d<\/p>\n
\u00a0<\/p>\n
Start Up Loans are government-backed personal loans available to individuals looking to start or grow a business in the UK.<\/p>\n
They were created to support would-be business owners who have struggled to secure finance from traditional lenders. They differ from small-business bank loans in that they are\u00a0personal loans for business purposes.\u00a0<\/p>\n
All owners or partners in a business can individually apply for up to \u00a325,000 each, with a maximum of \u00a3100,000 available per business. Loans can be paid back between one and five years at 6% interest.<\/p>\n
\u00a0<\/p>\n
In addition to finance, successful applicants are offered12 months of free mentoring and access to business resources to help them succeed. The loan is unsecured, so there\u2019s no need to put forward any assets or guarantors to support an application.<\/p>\n
\u00a0<\/p>\n
In Northern Ireland, Start Up Loans works with its Business Support Partner, Enterprise Northern Ireland to reach businesses in need of start up finance and support. <\/p>\n
\u00a0<\/p>\n
Commenting on the milestone, Michael McQuillan, CEO of Enterprise Northern Ireland, said: “The success of the Start Up Loans programme in Northern Ireland is a testament to the resilience, creativity, and determination of our local entrepreneurs. At Enterprise NI, we\u2019re proud to play a role in delivering this vital support, helping thousands of individuals turn bold ideas into thriving businesses. Surpassing the \u00a320 million milestone is not just a financial achievement – it’s a clear signal that the entrepreneurial spark is alive and well in every corner of Northern Ireland.”<\/p>\n
\u00a0<\/p>\n
To find out more about Start Up Loans visit www.startuploans.co.uk<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"From kids\u2019 soft play centresto luxury golfing escapes and mobile gaming firms to artisan pie shops, the British…\n","protected":false},"author":2,"featured_media":297997,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5011],"tags":[51,1144,16,15],"class_list":{"0":"post-297996","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-northern-ireland","8":"tag-business","9":"tag-northern-ireland","10":"tag-uk","11":"tag-united-kingdom"},"share_on_mastodon":{"url":"","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/297996","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/comments?post=297996"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/297996\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media\/297997"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media?parent=297996"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/categories?post=297996"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/tags?post=297996"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}