Start Up Loans, part of the British Business Bank, has delivered more than £1 billion of loans since its inception in 2012.
The loans have been issued to 105,109 businesses, at an average of £9,547 per business.
The Start Up Loans programme provides a means of reaching under-represented groups who are excluded from mainstream finance by helping them start businesses.
Of the £1bn loans, nearly 40% have been lent to female business owners, with a total value of £371m, and 20% have been lent to people from Black, Asian and Other Ethnic Minority backgrounds (not including White Minorities), with a value of £201m.
Just 4% of the UK’s small businesses in 2021 were majority-led by people from an ethnic minority group and only 20% of new businesses had female founders according to The Rose Review.
Young people between 18-24 years old have received £106m (11%) in loans since the programme began.
Of the £1bn provided to start ups, nearly 70% has gone to small businesses outside London and the South East. The top three regions receiving Start Up Loans outside of London and the South East are the North West (£121.6m), Yorkshire and the Humber (almost £90m) and the South West (almost £85m).
“Start Up Loans supports people across the UK who are looking to start their own business,” said Richard Bearman, managing director.
“To hit £1bn worth of loans after 11 and a half years is a monumental achievement, not just for our business but for entrepreneurs up and down the country. The programme has supported some fantastic success stories and helped unlock potential across the whole of the UK.
“The UK has entrepreneurs in every corner and our aim is to do even more going forward to help those that want to set up a business.”
Small Business Minister Kevin Hollinrake said: “Across the UK, thousands of small businesses have now been supported by over a billion pounds in Start Up Loans.
“This crucial support is enabling enterprising companies like Robin Valley start and scale up their ventures and I urge even more to follow in their footsteps.”