Business Finance Solutions has announced that it has now awarded over £5m to people setting up their own new businesses in the North West, under the Government’s £150m Start Up Loans initiative.
Since January 2013 more than 900 entrepreneurs from across the region have been awarded the low interest loans, business support and training to set up a wide range of businesses, from estate agents and breweries to gyms and furniture manufacturing.
Paul Breen, Director of Business Finance Solutions, (pictured) said: “Start Up Loans continues to fill a real gap in the market for people you have a great business idea but are unable to secure the finance they need to get it off the ground via the usual channels.
“Reaching the £5m lending milestone is a huge achievement and a real testament to the entrepreneurial spirit of the North West.
“The 900 businesses we have helped since 2013 may well not exist today if it had not been for Start Up Loans and that is due as much to the mentoring and business advice they receive from the BFS team as it is to the financial support that we have provided. Many of these businesses are now thriving and having a wider impact on the economy, employing their own staff and employing other businesses such as accountants and designers as their company grows.”
The application rate for Start Up Loans in the region was given an additional boost last year with the launch of Start Up Now, a new development of the partnership between BFS and NatWest that refers North West businesses seeking loans from NatWest to BFS if the bank is unable to provide all the funding they need.
NatWest predicts that they will refer over £10m of start up business to BFS via the new programme, with applicants receiving loans of up to £10k.