Local MP and Treasury minister, Kemi Badenoch has welcomed the announcement that the UK Government-owned British Business Bank has issued its 75,000th loan through its Start Up Loans programme, marking more than £623 million invested in small businesses across the UK since it launched in 2012.
Across the East of England, 4,988 loans have been made so far to small businesses and entrepreneurs, totalling £41,066,875 with the average loan being £8,233 –meaning thousands of people benefited from UK Government backed support who would otherwise have struggled to access finance.
The recipients reflect the diversity of the UK start up community with the a third unemployed when they applied for the loan, 40 percent were women and one in 5 came from an ethnic minority background.
Commenting, Mrs Badenoch said: “Small businesses across our constituency are the backbone of our local economy, and this Government has long been committed to giving them all the support they need to flourish and thrive.
“Our Start Up Loans scheme has now provided £41,066,875 worth of investment and support to thousands of small businesses and entrepreneurs across the East of England, helping to drive investment here and boost our local economy.
“As we build back in the months ahead, I will continue to work to give our local entrepreneurs and innovators all the support they need to keep them in business so they can create and protect jobs.”