Small Business Minister Paul Scully

Milestone for government-backed loans provided to businesses outside capital, helping them to create jobs, expand and level up. 

The government’s Start Up Loans scheme has provided £600 million in loans to businesses outside London, delivering extensive support for entrepreneurship across the UK’s home nations and regions.

Loans have gone to a huge range of companies, including businesses making vegan bags in Yorkshire, bespoke wooden furniture in Northern Ireland and rum cakes in the Lake District.

Businesses and entrepreneurs in the North West of England received the most loans outside London, totalling over £94 million, with those in the South East receiving over £81 million, followed by Yorkshire & The Humber with over £68 million.

Aspiring business owners receive up to £25,000 through the Start Up Loans scheme, run by the British Business Bank, delivering support that they may have otherwise struggled to get through a commercial bank loan. The scheme also provides mentoring to those starting their business venture, and offers extensive support to women entrepreneurs, entrepreneurs from ethnic minority backgrounds and the previously unemployed.

These figures reflect the UK’s wide-ranging and diverse entrepreneurial spirit and highlight the success of the programme in providing support to business owners of all backgrounds, regardless of where in the country they are based or what sector they’re in, as the government levels up opportunity across the UK.

Small Business Minister Paul Scully said:

"There is so much creativity and dynamism across the UK, but without access to funding and support it’s difficult to fully unlock the entrepreneurial spirit that makes this country great.

"The Start Up Loans programme has helped a diverse range of entrepreneurs across the UK to get their business ideas off the ground, levelling up the entire country and enabling talented business leaders from all backgrounds to flourish."

The latest figures show 40% of Start Up Loans have gone to women business leaders, 20% to people from an ethnic minority background and around 35% to those who had previously been unemployed.

Recipient of the 600 millionth pound

The recipient of the 600 millionth pound from the Start Up Loans programme was Will Smith, from Comber in County Down in Northern Ireland. He took out a loan of £6,000 in January 2020 to launch Woodwork by Will – a bespoke wooden furniture company. He used the money to invest in essential machinery and a table saw.

Prior to receiving the loan, he was using a friend’s machinery for some of the bigger jobs. Now that he has his own machinery, a job that would have taken 3 days can be completed in just half a day, enabling him to produce more high-quality artisan products.

Will Smith, Founder of Woodwork by Will said:

"The support I have received from the British Business Bank has accelerated my business 12 months beyond where it would have been.

"I found the whole process with the Bank very straightforward and would have no hesitation in recommending Start Up Loans to other entrepreneurs. I would go as far as saying that if you are serious about growth this type of investment early on is essential, provided you are determined to put the work in.

"The mentoring elements would particularly suit someone who is starting their own business but doesn’t necessarily have a business background. I was offered mentoring from successful entrepreneurs on areas such as marketing, legal issues and insurance that kept me on the right track from the start."

Richard Bearman, Managing Director of Start Up Loans, said:

"Providing £600 million worth of funding to new businesses outside of London is a huge milestone for the government-backed Start Up Loans programme and reflects the broad diversity and ambition of the nation’s small businesses at a grass roots level across the whole country.

"We have always been committed to providing support and funding to SMEs that hail from each corner of the country, particularly in areas of deprivation where people may struggle to access funding, and this milestone is tribute to that.

"We are proud that our loans, mentoring and support for aspiring and existing entrepreneurs is helping to support the Build Back Better agenda and we’re delighted to have been able to help Will make his dream into a reality."


New study reveals the top UK cities for Start-Ups in 2021 

Fasthosts reveal the top cities in the UK for start-up businesses by looking into a large variety of regional metrics from business survival rates to the cost of office space.

Without a doubt, the pandemic has changed our economy forever; and it may not have felt like the most obvious year to launch a business, but with Britons locked down entrepreneurial spirit seems to be inflated as 2020 saw a 12.3% increase in new businesses, the highest growth on record.

But, have you ever wondered where the best places are in the UK to set up a new business or follow your entrepreneurial enterprise?

Analysing average download speeds, business birth and death rates, five-year survival rates, office renting costs, and average working productivity across the nation, Fasthosts have conducted a new study to reveal the top 15 cities for business opportunities.

Luton crowned top UK city for start-up businesses.

Luton crowned as the best-all round UK location to start a new business with an overall index score of 3.375 - prove to have one the best rates of production, office prices, and business survival rates out of any other UK city.

Next up is Reading who boasts a super high productivity rate – even higher than Luton – but falls short at office costs and internet speeds. In 3rd place is Nottingham, a major midlands player that takes third place on the index.

The Bedfordshire town ranks marginally higher than fellow southern start-up hotspot Reading (3.312), which can only claim second spot.

In the battle of the capitals, its pride for Scotland as Edinburgh outperforms Central London by the slimmest of margins, to rank as our 4th best city for overall enterprise opportunities, while the English metropolis takes 5th.

The top 15 UK cities to launch a business can be seen below:

Ranking

City

Average download speed (Mbit/s)

Business Death rate

Business Birth rate

5 Year Survival Rate

Cost of Office Space per sq. ft. (£)

Productivity level

1

Luton

63

1040

1455

410

22

102.97

2

Reading

54

930

1145

435

38

126.9

3

Nottingham

69

1410

1510

20

14.88

86

4

Edinburgh

63

2540

2885

1150

35

104.8

5

Central London

51

5750

5190

32895

112

132.3

6

Liverpool

62

2445

3110

805

23

91.7

7

Portsmouth

55

845

1275

320

16.9

94.3

8

Coventry

58

1410

1620

605

18.5

91.6

9

Wolverhampton

61

1110

1245

380

16

84

10

Bristol

60

2370

2895

1140

35

97.6

11

Birmingham

58

5970

7870

2080

34

91.5

12

Newcastle upon Tyne

56

1105

1295

455

24

90.9

13

Stoke-on-Trent

53

810

965

385

16

85.5

14

Northampton

44

1275

2000

520

13.6

93.6

15

Bradford

49

1875

2305

945

14.6

86.2

Michelle Stark, Sales and Marketing Director at Fasthosts comments:

“Even in a vastly increasing digital world, choosing the right city to launch a business is an important decision. And it’s great to see such a variety of cities across the country among the top 15 from Portsmouth to Edinburgh and Bradford to choose from. It’s important to be strategic when deciding in your business location and we urge all start-ups to check out our rankings before choosing their desired location for business.”

You may also be interested in these articles:

The Ufi VocTech Challenge – what does it mean for FE? #VocTechFutures Episode 3

Sponsored Video

Register, Login or Login with your Social Media account:


Advertisers

Upcoming FE Events

Advertiser Skyscrapers

Latest Education News

Further Education News

The FE News Channel gives you the latest education news and updates on emerging education strategies and the #FutureofEducation and the #FutureofWork.

Providing trustworthy and positive Further Education news and views since 2003, we are a digital news channel with a mixture of written word articles, podcasts and videos. Our specialisation is providing you with a mixture of the latest education news, our stance is always positive, sector building and sharing different perspectives and views from thought leaders, to provide you with a think tank of new ideas and solutions to bring the education sector together and come up with new innovative solutions and ideas.

FE News publish exclusive peer to peer thought leadership articles from our feature writers, as well as user generated content across our network of over 3000 Newsrooms, offering multiple sources of the latest education news across the Education and Employability sectors.

FE News also broadcast live events, podcasts with leading experts and thought leaders, webinars, video interviews and Further Education news bulletins so you receive the latest developments in Skills News and across the Apprenticeship, Further Education and Employability sectors.

Every week FE News has over 200 articles and new pieces of content per week. We are a news channel providing the latest Further Education News, giving insight from multiple sources on the latest education policy developments, latest strategies, through to our thought leaders who provide blue sky thinking strategy, best practice and innovation to help look into the future developments for education and the future of work.

In Jan 2021, FE News had over 173,000 unique visitors according to Google Analytics and over 200 new pieces of news content every week, from thought leadership articles, to the latest education news via written word, podcasts, video to press releases from across the sector, putting us in the top 2,000 websites in the UK.

We thought it would be helpful to explain how we tier our latest education news content and how you can get involved and understand how you can read the latest daily Further Education news and how we structure our FE Week of content:

Main Features

Our main features are exclusive and are thought leadership articles and blue sky thinking with experts writing peer to peer news articles about the future of education and the future of work. The focus is solution led thought leadership, sharing best practice, innovation and emerging strategy. These are often articles about the future of education and the future of work, they often then create future education news articles. We limit our main features to a maximum of 20 per week, as they are often about new concepts and new thought processes. Our main features are also exclusive articles responding to the latest education news, maybe an insight from an expert into a policy announcement or response to an education think tank report or a white paper.

FE Voices

FE Voices was originally set up as a section on FE News to give a voice back to the sector. As we now have over 3,000 newsrooms and contributors, FE Voices are usually thought leadership articles, they don’t necessarily have to be exclusive, but usually are, they are slightly shorter than Main Features. FE Voices can include more mixed media with the Further Education News articles, such as embedded podcasts and videos. Our sector response articles asking for different comments and opinions to education policy announcements or responding to a report of white paper are usually held in the FE Voices section. If we have a live podcast in an evening or a radio show such as SkillsWorldLive radio show, the next morning we place the FE podcast recording in the FE Voices section.

Sector News

In sector news we have a blend of content from Press Releases, education resources, reports, education research, white papers from a range of contributors. We have a lot of positive education news articles from colleges, awarding organisations and Apprenticeship Training Providers, press releases from DfE to Think Tanks giving the overview of a report, through to helpful resources to help you with delivering education strategies to your learners and students.

Podcasts

We have a range of education podcasts on FE News, from hour long full production FE podcasts such as SkillsWorldLive in conjunction with the Federation of Awarding Bodies, to weekly podcasts from experts and thought leaders, providing advice and guidance to leaders. FE News also record podcasts at conferences and events, giving you one on one podcasts with education and skills experts on the latest strategies and developments.

We have over 150 education podcasts on FE News, ranging from EdTech podcasts with experts discussing Education 4.0 and how technology is complimenting and transforming education, to podcasts with experts discussing education research, the future of work, how to develop skills systems for jobs of the future to interviews with the Apprenticeship and Skills Minister.

We record our own exclusive FE News podcasts, work in conjunction with sector partners such as FAB to create weekly podcasts and daily education podcasts, through to working with sector leaders creating exclusive education news podcasts.

Education Video Interviews

FE News have over 700 FE Video interviews and have been recording education video interviews with experts for over 12 years. These are usually vox pop video interviews with experts across education and work, discussing blue sky thinking ideas and views about the future of education and work.

Events

FE News has a free events calendar to check out the latest conferences, webinars and events to keep up to date with the latest education news and strategies.

FE Newsrooms

The FE Newsroom is home to your content if you are a FE News contributor. It also help the audience develop relationship with either you as an individual or your organisation as they can click through and ‘box set’ consume all of your previous thought leadership articles, latest education news press releases, videos and education podcasts.

Do you want to contribute, share your ideas or vision or share a press release?

If you want to write a thought leadership article, share your ideas and vision for the future of education or the future of work, write a press release sharing the latest education news or contribute to a podcast, first of all you need to set up a FE Newsroom login (which is free): once the team have approved your newsroom (all content, newsrooms are all approved by a member of the FE News team- no robots are used in this process!), you can then start adding content (again all articles, videos and podcasts are all approved by the FE News editorial team before they go live on FE News). As all newsrooms and content are approved by the FE News team, there will be a slight delay on the team being able to review and approve content.

 RSS IconRSS Feed Selection Page