More than 10,000 London entrepreneurs have been handed government startup loans since 2012

Mark Sands
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British Money
London entrepreneurs have received more than £66m in funding since 2012 (Source: Getty)

More than 10,000 London businesses have received startup loans from the government over the last four years.

London entrepreneurs have received more than £66m through the funding programme, first launched in September 2012.

Hackney has seen the largest value of start-up support from government, followed by businesses in Southwark, Lambeth, Lewisham and Barnet.

Across the whole country, more than £250m of loans have gone out to more than 40,000 businesses across the country.

Half of all the startup support for people aged 18 to 24 has gone to individuals not in employment, education or training, and one in five packages goes to deprived areas in the UK.

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Small business minister Margot James said: “Small businesses play a vital role in local communities, bringing them together and giving millions of people good jobs and livelihoods.

“With one in five start up loans going to deprived areas in the UK, they are one of the many tools we have to build an economy that works for all.”

Business and energy Secretary Greg Clark added: “Whether you live in England, Wales, Scotland or Northern Ireland, and whatever your age, everyone should have the chance to turn a great business idea into a reality.

There were 5.4m small and medium-sized businesses in the UK at the start of 2016, responsible for 15m jobs and contributing £1.8 trillion to the economy.

Government figures estimate the programme generates a return on investment to the economy of £3 for every £1 spent.

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