The Start Up Loans programme, part of the British Business Bank, has provided more than 10,000 loans worth over £100m to businesses in Yorkshire and Humber.
Focused on ensuring traditionally underrepresented groups are able to access finance to grow their business, over £12m of the funding went to business owners from Black, Asian and Other Ethnic Minority backgrounds (not including White Minorities).
Additionally, as part of the Bank’s remit to support entrepreneurs of all ages to access finance, 1,331 loans went to young people between 18-24 years old, amounting to almost £10m.
Of the funding, more than £10m went to businesses based in Sheffield, a typically underfunded region within Yorkshire.
The city took home more than 10% of the overall funding, with 18% going to entrepreneurs from Black, Asian and other Ethnic Minority backgrounds and 35% going to female-founded businesses.
Start Up Loan recipients in Yorkshire and the Humber include Woof the Yorkshire Dog Shop, premier craft mead brewery, Paradise Garage Brewing, a wellness fragrance brand, The CAHM Collective, Frazer’s Coffee Roasters and more.
The Start Up Loans programme provides personal loans for business purposes and offers free dedicated mentoring and support to loan recipients for 12 months.
Cat Smith, senior network manager for Yorkshire and the Humber at the British Business Bank, said: “As a Sheffield-headquartered organisation we are proud to support and encourage businesses within the city and also the wider Yorkshire and the Humber region.
“It’s amazing to see businesses in our region doing so well with the backing of British Business Bank funding.
“This latest milestone is testament to the quality of talent in Yorkshire and the ability of truly ambitious entrepreneurs to turn their passions into a viable business.
“As many businesses continue to face a more challenging macro environment, we remain committed to providing dedicated support to businesses in historically underserved areas.”
Frazer’s Coffee Roasters, based in Sheffield, secured a £20,000 Start Up Loan via Business Support Partner Virgin StartUp.
Founder, Frazer Habershon, was originally training to be a plumber before becoming a gas engineer.
As he was finishing his qualifications, he had a severe road accident where he was knocked off his push bike. He suffered damage to his brain and long-term health, as well as suffering from neurological complications.
As he couldn’t go back to a full-time job, he ended up in the hospitality industry and worked his way up. He has since opened a 50-seat coffee shop on Arundel Street, Sheffield.
Habershon said: “After suffering a life changing accident, I ended up kind of falling into the world of coffee and roasting.
“It was never something I saw myself doing, but now I’m embedded in this life, I wouldn’t change it for the world.
“With the support of the Start Up Loan, programme and Virgin Startup, the business has been able to scale, moving premises multiple times to meet ever increasing demand.
“We continue to see interest in our coffee, which is ethically sourced from around the world, and our list of businesses we supply to seems to keep growing. I couldn’t have done it without the Start Up Loan.”
Habershon also received Start Up Loan funding from the Business Enterprise Fund (BEF).
Stephen Waud, Business Enterprise Fund CEO, added: “Reaching the £100m funding milestone in the Yorkshire and Humber region is a significant testament to the exceptional success of the Start Up Loans programme, which we have been a part of since its days as a pilot programme.
“This achievement showcases what can be accomplished when individuals with ideas and aspirations are provided with the necessary finance and support.
“BEF is proud to be part of this journey, partnering with the Start Up Loans programme to empower entrepreneurs.”
