A new partner has been appointed by Start Up Loans to support small businesses across the Midlands.
Enterprise Loans East Midlands will work with the programme to deliver funding and support for SMEs in both the West and East Midlands over the next two years.
Start Up Loans, which is part of the government-owned British Business Bank, delivers funding at a fixed interest rate of six per cent and mentoring to recipients in their first year.
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It has also helped those young companies and individuals who have found it difficult to secure loans from traditional lenders.
Since its inception, it has delivered over 8,400 loans worth more than £78 million to businesses in the West Midlands and over 5,700 loans worth more than £52 million in the East Midlands.
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Enterprise Loans East Midlands, which has offices in Nottingham, Derby and Leicester, launched as First Enterprise in 1989 and operates as a responsible finance provider which receives funding through the European Regional Development Fund and Regional Growth Fund.
It is one of a few organisations nationally that lends money to small businesses, entrepreneurs and social enterprises unable to borrow from high street banks.
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Operations manager Victoria Copestake-Foster said: "The West Midlands is a region we are relatively new to having served the East Midlands for 34 years.
"It has always been our aim to aid the Midlands in their ambition to gain SME finance. The East Midlands is a region where we are constantly striving to get the finance we feel it deserves.
"We've been delivering the Start Up Loans provision here since the pilot programme back in 2012, helping thousands of individuals to start their own businesses.
"To partner with the British Business Bank will further allow us to achieve our goals. We are honoured to be working with them and are excited to see what we are able to do in this partnership."
Richard Bearman, managing director of Start Up Loans, added: "I am delighted to announce that Enterprise Loans East Midlands has been successful in securing the contract for loan delivery in the Midlands and will be fundamental in helping us ensure that anyone wanting to start a business has the opportunity to do so, regardless of their economic or social background."