Bank celebrates decade of investment in regional start-ups

Businesses across the East Midlands received more than £50m from the British Business Bank’s Start Up Loans programme in the last decade, new figures reveal.

1,805 of the 5,000 loans awarded to companies in the region since 2012 have been drawn down since the start of the pandemic – equating to 45% of the total value of loans delivered over the lifetime of the programme.

Nottinghamshire firms received more than £13m in funding, with £9,283 being the average amount awarded. Derbyshire start-ups were awarded in excess of £11m while those in Leicestershire bagged just shy of £10m.

Sophie Dale-Black, UK Network director – Midlands and North of England at the British Business Bank, said: “It’s a testament to the entrepreneurial spirit of the East Midlands that we’re celebrating such a significant milestone, more than £50m, invested across the Eastern regions since 2012.”

She added: “I am particularly proud of the fact that we have been able to support such a huge volume of young aspiring business people and their start-up ventures in the East, which represents 7% of the total across the entire of the UK.”