Exeter businesses benefit from £2 million in funding from the Start Up Loans programme

Businesses in Exeter have benefitted from over £2 million in funding through the Start Up Loans programme, since it began.

The programme, which is part of the British Business Bank, has a 12-year legacy of delivering funding to smaller businesses who may otherwise find it difficult to secure loans from other sources. It also offers mentoring to recipients in their first year.

Over 190 businesses in Exeter have benefitted from this funding support, which offers personal loans of up to £25,000 on a fixed 6% rate of interest. They range from coffee shops and cafés, to plasterers, caterers, dog groomers and retailers. The business owners have used the funding for a wide range of activities, from buying in stock to renovating premises and purchasing equipment, as they start or grow their business.

Louise McCoy, Commercial Managing Director, Small Business Lending at the British Business Bank said: “The Start Up Loans programme has supported thousands of smaller businesses across the South West since its launch in 2012 and we're delighted to have passed the £2 million lending milestone in Exeter. It's vital that start-up and early stage businesses have the support they need to thrive and that's what the Start Up Loans programme continues to deliver."

One of the latest businesses to benefit is Cameron Mills Group, a leading-edge centre for music in the heart of Exeter. The business is opening new High Street premises to offer more opportunities to budding creatives in September, thanks to the Start Up Loans programme.

The business founder Cameron Mills, a Gen Z entrepreneur aged just 25, has secured a loan of £10,000 through Business Support Partner SWIG Finance, enabling them to kit out the new studio space.

He said: "The funding meant we could deliver the high quality we wanted straight away. But the funding did more than that, the process really helped me think about the business, cash flow and long-term plans in a way I hadn’t before.”

The Start Up Loans programme helps people start or grow their business and is part of the government-owned British Business Bank’s remit to make finance markets work better for smaller businesses. They can borrow up to £25,000 at a fixed interest rate of 6% per annum and repay the loan over one to five years. The programme also provides 12 months of free business mentoring which is delivered through a network of Business Support Partner organisations. In the South West the support partner is SWIG Finance.

To learn more about Start Up Loans support, visit: www.startuploans.co.uk