Newry, Mourne and Down entrepreneurs receive £2m in start-up loans
Budding entrepreneurs within the bounds of Newry, Mourne and Down District Council have received more than £2m of support from the British Business Bank’s Start Up Loans programme since its inception, new figures have revealed
The programme provides government-backed personal loans at a 6% fixed interest rate to individuals looking to start or grow a business.
So far £2,012,546 has been issued to business owners in Newry, Mourne and Down through 208 loans at an average of £9,676.
Across Northern Ireland, businesses owners have received £17m from the Start Up Loans programme with 1,895 provided to support small and early-stage businesses.
Entrepreneurs in the Mid Ulster District Council area have received the most funding from the programme with £2,782,650 issued across 291 loans.
In Belfast, a total of £2,270,404 has been issued across 288 loans.
The figures also show that the Start Up Loans programme has provided business with £1m of finance in four more Northern Irish council areas. Derry City and Strabane District Council, Lisburn City and Castlereagh Borough Council area, the Causeway Coast and Glens Borough Council area and the Ards and North Down Borough Council.
Another milestone is also on the horizon as figures show nearly £2m of finance has been provided to businesses in Fermanagh and Omagh District Council region.
Susan Nightingale, Director UK Network Devolved Nations, British Business Bank said: “It is encouraging to see more than £2m of Start Up Loans have been issued across the Newry, Mourne and Down District Council region.
“The British Business Bank is focused on improving access to finance in all areas of Northern Ireland, and it is particularly pleasing to see some of our more rural areas performing well.
“There is great entrepreneurial spirit in this area and the Bank stands ready to support these people in fulfilling their ambition of starting their own business.”
In addition to finance, successful applicants receive 12 months of free mentoring and access to business resources to help them succeed. The loan is unsecured, so there is no need to put forward any assets or guarantors to support an application.
All owners or partners in a business can individually apply for up to £25,000 each, with a maximum of £100,000 available per business.
If you would like to learn more about Start Up Loans support, visit: https://www.startuploans.co.uk/