Since its launch in 2012, the Start Up Loans Company (SULCo) has provided UK micro-businesses with over £300m.
More than 11000 new and early-stage companies are supported each year by the SULCo’s government-backed programme. As a result, over 55000 jobs have been created and more than 19000 formerly unemployed individuals have been given the means to launch their own businesses.
The SULCo offers loans of up to £25000 at 6 per cent fixed rate per annum in addition to dedicated mentoring for each business.
Commenting on the passing of the £300m milestone, small business minister Margot James said: “Giving the UK’s small businesses the jump-start they need to grow and thrive is a key priority of our industrial strategy and it’s great to see just how many small businesses the government-backed Start Up Loans Company has helped in the past five years.”
Matt Lovell and Rob Hampton, co-founders of seafood restaurant The Oystermen, secured the 46400th loan that drove the total aid provided past the £300m mark.
The SULCo gave Lovell and Hampton £25000 each, which they used to pay their lease deposit and purchase kitchen appliances.
“As a small business, access to finance can put a strain on working capital so the funding from the Start Up Loans Company was vital to enable us to push the button on our growth plans. We’re now gearing up for a busy few months ahead of our official launch, and we look forward to what’s to come in the near future,” said Lovell.
Lovell and Hampton anticipate a 300 per cent turnover growth in the next 12 months for their company.
With the passing of the £300m milestone came the SULCo's announcement of its planned merger with the British Business Bank. The SULCo has worked closely with the British Business Bank since 2014.
The move will help both organisations deliver the government’s manifesto commitment to support 75,000 micro-businesses by 2020.