In welcome news the British Business Bank Start Up Loans programme is being expanded which should help more new entrepreneurs in Northern Ireland. Previously the start up scheme was for businesses that had been trading for 2 years or less, but the financial support is now being extended to businesses that have been trading for up to 3 years, and also second Start Up Loans are now available to eligible businesses that have been trading for up to five years.
Over 1,000 Loans Delivered Since 2012
Since the scheme was introduced in 2012 it has provided over 1,000 loans to various businesses in Northern Ireland worth more than £12 million in total.
Business Secretary Jacob Rees-Mogg, quoted on the Coleraine Chronicle website, says about the loan scheme:
“The people of Northern Ireland are some of the most entrepreneurial in the UK. This is especially true when it comes to micro-businesses, which make up 89 percent of the business community.
“By expanding upon the £12million in Start Up Loans Northern Irish businesses have already received, we can harness that pro-business culture and channel it into a bright future filled with jobs, growth, and sustainability.”
Helping Support Businesses During A Challenging Economic Environment
And in the same article Susan Nightingale, Devolved Nations Director, UK Network, is quoted as saying:
“We are delighted to be able to extend the reach of the Start Up Loans programme to help support businesses, including those who need extra support during a challenging economic environment. This extension of the programme will enable us to work with those businesses that had perhaps just got going when the pandemic hit, or are ready to consolidate and grow their businesses now that they are back on their feet. We want to ensure that these businesses do not get left behind.
“We have always been committed to providing support and funding to smaller businesses across Northern Ireland, with entrepreneurial ambitions across all industry sectors. Having delivered more than £12m in loans to Northern Ireland alone highlights our continued efforts to help people from diverse backgrounds achieve their business goals.”
New hungry entrepreneurs at the start of their journey are the future of our country and it is vital that they get all the support they need when they are in the early stages of developing their business model so that they can thrive and provide jobs, products and services to the country.