The Start Up Loans Company (SULCo) has issued its 50,000th loan to UK start-ups to help drive the growth of the country’s small businesses. The Government-backed scheme has now provided over £345 million to start-ups and early-stage businesses across the UK since its inception in 2012. The Start Up Loans Company, which merged with the British Business Bank (BBB) earlier this year, provides low interest finance up to £25,000 at a 6% fixed rate per annum, as well as support and free mentoring to new businesses and those trading for less than two years.
The scheme forms part of The British Business Bank’s UK-wide drive to encourage entrepreneurship, increase the rate of business creation and improve the survival prospects of early-stage businesses. Since launch, the Government-backed scheme has contributed to the creation of more than 60,000 jobs, 46% of loan recipients were formerly NEET (not in employment, education or training) and 42% were formerly unemployed or economically inactive.
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