Start-up loan scheme names new regional support partner
Start Up Loans, part of the British Business Bank, has named Enterprise Loans East Midlands (ELEM) as its new regional Business Support Partner.
ELEM will work with the loan programme to deliver funding and support to small businesses in the East Midlands over the next two years.
The Start Up Loans scheme has a 10-year legacy of delivering funding at a fixed interest rate of 6% and mentoring to recipients in their first year.
It has delivered over 5,700 loans worth more than £52m to businesses in the region since its inception.
Richard Bearman, managing director of the Start Up Loans programme, said: “I am delighted to announce that Enterprise Loans East Midlands (ELEM) has been successful in securing the contract for loan delivery in East Midlands, and will be fundamental in helping us ensure that anyone wanting to start a business has the opportunity to do so, regardless of their economic or social background.
“We are incredibly proud of the success of the scheme since 2012 and the choice to review the partners we work with has been undertaken to offer new businesses the chance to compete for the work. It will ensure the scheme is working with partners that provide the best possible support to those who need it. In particular, our new BSPs will help us deliver our ambition of providing a market leading split 50/50 split between male/female loan recipients.”
ELEM launched as First Enterprise in 1989. It receives its funding through the European Regional Development Fund and Regional Growth Fund.
Victoria Copestake-Foster, operations manager at Enterprise Loans East Midlands, said: “The East Midlands is a region we have operated in for 34 years and an area we are constantly striving to get the finance we feel it deserves. We’ve been delivering the Start Up Loans provision here since the pilot programme back in 2012 helping thousands of individuals to start their own businesses. To partner with the British Business Bank will further allow us to achieve our goals.”
“We are honoured to be working with them and are excited to see what we are able to do in this partnership”, she added.
