New figures show British Business Bank’s Start Up Loans programme has delivered £17m in funding to support start up and early-stage businesses across Northern Ireland.
The region's entrepreneurial spirit is progressing with figures showing since 2012, business owners in Northern Ireland have received 1,895 loans.
Entrepreneurs in the Mid Ulster District Council area have received the most funding from the programme with £2,782,650 issued across 291 loans. Whilst in Belfast a total of £2,270,404 has been issued across 288 loans.
The figures also show that the Start Up Loans programme has hit significant milestones in five of Northern Ireland’s local council areas.
In Newry, Mourne and Down District Council area, the programme has recently reached the milestone of providing £2m of finance to business owners. Four other local authority areas in Northern Ireland have reached the £1m milestone, including: Derry City and Strabane District Council, Lisburn and Castlereagh City Council, the Causeway Coast and Glens Borough Council, and the Ards and North Down Borough Council.
Another milestone is also on the horizon as figures show nearly £2m of finance has been provided to businesses in Fermanagh and Omagh District Council region.
Susan Nightingale, Director UK Network Devolved Nations, British Business Bank said: “It is encouraging to see these milestones being hit across Northern Ireland.
“The British Business Bank is focused on improving access to finance in all areas of Northern Ireland, so it is particularly pleasing to see entrepreneurs in some of our more rural areas seeking support.”
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In addition to finance, successful applicants receive 12 months of free mentoring and access to business resources to help them succeed. The loan is unsecured, so there is no need to put forward any assets or guarantors to support an application.
All owners or partners in a business can individually apply for up to £25K each, with a maximum of £100K available per business.
To learn more about Start Up Loans support, visit: startuploans.co.uk.
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