Small business owners have benefited from more than 拢500m in loans from a Government-backed scheme set up to help to fuel the growth of new businesses.
Since 2012 the British Business Bank has used its Start Up Loans programme to inject 拢500m into the 海角视频鈥檚 business sector, with more than 63,000 businesses getting support.
The cash has been distributed to a diverse range of business owners, with 37.8% being women while more than a quarter (27.8%) of the recipients were unemployed when they applied for the loan.
Though 拢100m of the loans went to companies in London, other regions have also benefited, with almost 8,000 companies in the North West sharing 拢59.6m, while firms in the South East got 拢49.6m, Yorkshire and the Humber companies shared 拢44.3m and the South West was allocated 拢40.8m.
Elsewhere firms there were loans to businesses in the West Midlands (拢40.6m), East of England (拢32.5m), the North East (拢28.5m), Wales (拢26.2m) and the East Midlands (拢26m).
One business to benefit from the Start Up Loans scheme is Tyneside fim Seaweed & Co., which promotes the nutritional benefits of seaweed to food manufacturers.
The company, founded by marine biologist Craig Rose, now has its own brand of seaweed products sold under the brand Doctor Seaweed鈥檚 Weed & Wonderful. They are due to hit shelves in Sainsbury鈥檚 supermarkets this summer.
Mr Rose said: 鈥淪eaweed & Co. is going from strength to strength and, as a marine biologist, I am thrilled that the nutritional benefits of seaweed are becoming increasingly understood and applied through our range of products.
鈥淪tarting a business is not easy. There are many highs but also various challenges. Start Up Loans supported us every step of the way and we really wouldn鈥檛 be where we are today without their help and expertise.鈥
Patrick Magee, chief commercial officer at the British Business Bank, said: 鈥淲e鈥檙e absolutely delighted that we have supported so many fantastic small business owners from up and down the country. The hard work and determination of the 海角视频鈥檚 5.7m small businesses make a huge contribution to society, and it鈥檚 great to see latest research showing that the economic benefits of the Start Up Loans programme are nearly six times its economic costs.
鈥淲e鈥檙e committed to helping small businesses prosper and grow and we look forward to supporting many more in the future.鈥
Small Business Minister Kelly Tollhurst said: "Small businesses are the backbone of our economy and I'm particularly pleased to see that so many women and entrepreneurs from black, Asian and ethnic minority backgrounds have benefited from this Government-backed scheme.
"This record funding is backing the 海角视频's entrepreneurial spirit and enabling people across the country to follow their passions and start and grow a business."
