Providing “vital” support to startups during a challenging economic period, British Business Bank’s Start Up Loans programme has been expanded.
It now includes startups that have been trading for up to three years and second Start Up Loans are now available to eligible businesses that have been trading for up to five years. The programme previously provided finance to startups which had been trading for up to two years.
Start Up Loans’ expansion follows the 2021/22 Spending Review, at which the government made the commitment to provide 33,000 loans to the programme over the next three years. The scheme has already delivered more than 97,000 loans worth £900m to new business owners across the UK since 2012.Source: Bdaily