Start Up Loans, part of British Business Bank, today announced Virgin StartUp and BizBritain as Local Business Support Partners (BSPs).
The two organizations will work with Start Up Loans to provide funding and support to small businesses across the UK over the next two years.
The Startup Loan Program provides financing to small businesses through its partners at a fixed interest rate of 6% and provides guidance to beneficiaries. Since inception the program has made over 100,000 loans worth over £980m to businesses and delivery partners (now renamed Business Support Partners) have always been crucial to its success.
The impact of start-up loans has been particularly noticeable among individuals who may have difficulty securing financing from traditional lenders, which has always been a priority for the system. The new basic payment service providers share, and will help to achieve, the ambition of offering tailored support to all demographics in society.
Richard Berman, Managing Director, Start Up Loans, said: “I am pleased to confirm that these two appointed Billing Settlement Representatives (BSP) will be instrumental in realizing our ambition to provide financing to those who want to start a business with the funding and support to do so.
Both companies share the same passion and determination to support small businesses in the UK which is essential as business owners continue to navigate a challenging economic landscape. They all have a great track record. In the case of Virgin StartUp, we know that the team recently delivered its 5,000th loan.”
Matt Juba, CEO and Founder of BizBritain said: “At BizBritain, we are passionate about empowering the dreams and ambitions of UK small businesses. Our partnership with the British Business Bank is the embodiment of this passion, providing start-up loans that can act as a catalyst for economic growth and innovation across the UK. By supporting these businesses, we are investing in our country’s future, promoting job creation, and driving economic resilience forward.”
Andy Fishburne, Managing Director of Virgin StartUp commented: “There is nothing more inspiring than hearing the ideas of new business founders who want to make a positive impact in the world. In the past 10 years we have had the pleasure of supporting 5,000 founders with a Startup Loan and we couldn’t Thinking of a better way to celebrate this milestone than to announce that we will fund several thousand more over the next few years.
“The Startup Loan Program makes starting a business a reality for many potential founders. We are proud to be a part of their journey and can’t wait to meet and support the next generation of entrepreneurs.”