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GC Business Finance Empowers UK Start ups: Over 1,000 Loans and Counting

  • Thursday, January 11, 2024
  • Posted By The Growth Company

GC Business Finance has extended over 1,000 loans exceeding £16 million to start ups throughout the UK since April of the previous year.

Established in 2012, the British Business Bank's Start Up Loans (SUL) program facilitates accessible loans and mentoring assistance for new and early-stage businesses nationwide. Individuals can access personal loans for business purposes ranging from £500 to £25,000.

As a member of the network of Business Support Partners for the SUL program, GC Business Finance collaborates with entrepreneurs to secure essential funding for initiating and expanding their ventures.

Based in Manchester, GC Business Finance has disbursed loans to entrepreneurs across the entire UK, spanning from Inverness and Aberdeen in the far North of Scotland to towns as far south as Bournemouth and Folkestone.

GC Business Finance has provided support to a diverse range of entrepreneurs, with 40% of loans going to female-owned businesses and 20% to ethnic minority groups. Additionally, 10% of loans were granted to entrepreneurs aged between 18 and 24, with nearly half of successful applicants being under 35 years old.

Alex Mearns, head of startup lending at GC Business Finance, said: "I am extremely proud of what we have achieved through the Start Up Loans programme this year and the impact it has had on people and businesses across the UK.

"We want to continue to work with these ambitious entrepreneurs, allowing them to thrive with straightforward access to finance and business support. In a bid to improve accessibility, we recently launched our new website to enable entrepreneurs to easily understand their options when applying for a Start Up Loan."

Richard Bearman, managing director, small business lending at the British Business Bank, said: "Helping new and early-stage businesses is incredibly important in driving sustainable growth and prosperity across the UK, so we are proud of how many of these businesses we have been able to impact. Accessing finance at the early stages of the business journey is vital to success, and our partnership with GC Business Finance has helped make this possible for a diverse range of entrepreneurs across the country."