Top local authority for start-up loans revealed

Lincoln has been named as the top local authority for start-ups in the East Midlands.

Start Up Loans, part of the British Business Bank, determined the ranking based on the number of start-up loans drawn down since 2012 by borrowers in their areas compared to other local authorities.

177 Start Up loans have been successfully drawn down by businesses in Lincoln during the period, representing 2.6 for every thousand local adults.

Other authorities to make the East Midlands top five include East Lindsey in Lincolnshire, Derby, Chesterfield and High Peak in Derbyshire.

Hackney in London topped the UK chart, with 1,167 loans.

The rankings have been published to coincide with the beginning of Business Finance Week, which runs from 7-11 November.

Louise McCoy, commercial director at Start Up Loans, said: “It’s wonderful to see Lincoln recognised in the East Midlands for its contribution to entrepreneurship. I’m always inspired by the stories of small business owners who have used the Start Up Loans programme to take the leap into business ownership. The East Midlands has an ever growing pool of diverse small businesses and I’m pleased to see that, with the help of Start Up Loans, they’re able to access the finance they need to grow and contribute to the local economy.”