Added by Love Business East Midlands | 6 August 2024
UPDATED: 6 August 2024
It was revealed in September 2023 that Start Up Loans had delivered over £1 billion worth of loans nationwide since 2012 and the Midlands was a large contributor towards that.
Start Up Loans provides mentoring, support and funding to aspiring business owners in every corner of the United Kingdom and its impact has been particularly noticeable among individuals who might find it difficult to secure finance from other sources.
The East Midlands received a total of 6,492 loans, worth more than £62 million. The region’s loans were fairly evenly spread with every East Midlands county receiving over £10 million, except the much smaller Rutland which received just over £560,000. Nottinghamshire has had the highest volume and value of Start Up Loans, with 1,616 of the loans amounting to over £15 million, averaging £9,758 per business for the county. Lincolnshire was next with 1,576 loans worth £14.9 million averaging £9,470 per business in the county.
Of the £62 million of Start Up Loans delivered in the East Midlands, more than 2,600 loans were to female founded businesses worth over £23 million, and more than 498 loans were to businesses founded by ethnic minority groups, equating to over £6 million.
Regional Success Story – Moko Physiotherapy, Derbyshire
Moko Physiotherapy, a Derbyshire based physiotherapy and health and wellness clinic, opened in February 2023. The business owners secured £30,000 of funding from First Enterprise – Enterprise Loans, under the British Business Bank’s Start Up Loans programme, to refurbish its new premises.
Due to the success and high demand, this followed a further expansion in March 2024, doubling the space, adding a larger rehab space, an additional yoga / Pilates studio and 2 further consultation rooms.
The bespoke rehabilitation clinic, located in the heart of Mickleover, tailors its work to the individual client’s needs and aims to focus on delivering long-term results rather than quick fixes.
Katie Ogley, Founder and Director of Moko Physiotherapy, comments:
“Having been open for only 18 months, we are a thriving business and that is in part due to the Start Up Loan and support we received from the British Business Bank and First Enterprise.
“The Midlands and in particular the East Midlands is a place that can get overlooked but programmes such as Start Up Loans show there are a lot of exciting business and individuals making big changes.
“As a result, we have the support to be able to show this. I am excited for where Moko can now be taken in the future – we are young but thriving, making a life changing impact to many peoples lives – this is just the start of our journey.”
Richard Bearman, Managing Director of Small Business Lending at the British Business Bank, said:
“What we have been able to deliver businesses in the Midlands is a testament to the great work and partnerships that take place across the region and wider – from the smaller businesses with the great business ideas to the Business Support Partners who are able to offer wonderful support to the right individuals and ideas.”
