South West Businesses Thrive with £100 Million in Start Up Loans Funding

Entrepreneurs in the South West have reaped the benefits of £100 million in financing through the British Business Bank’s Start Up Loans programme, with Devon emerging as the region’s top beneficiary.

For over 12 years, the Start Up Loans programme has provided critical support to smaller businesses that may struggle to secure traditional financing. Offering personal loans of up to £25,000 at a fixed interest rate of 6%, the programme helps entrepreneurs launch or grow their ventures. Recipients also gain access to a year of mentoring support through delivery partner Newable.

This year, the programme reached a major milestone: over 10,000 businesses across the South West have received loans and ongoing support. These businesses span diverse industries, including cafés, music studios, clothing brands, and microbreweries.

Among the South West counties, Devon leads in funding, with 2,278 loans worth nearly £23 million. Cornwall and the Isles of Scilly follow with 1,540 loans, totalling over £16 million.

One standout success story is Tavistock Brewery, a father-and-son craft brewery nestled in Peter Tavy on the edge of Dartmoor. Richard and Matthew Goslin used a £10,000 loan to expand their operations by diversifying into bottled ales.

Starting from a converted farm building, the duo sold their handcrafted beers to local pubs and restaurants within a 30-mile radius, including Tavistock, Okehampton, Plymouth, and Torquay. Encouraged by pub-goers eager to enjoy their brews at home, they sought funding to produce bottled beer. With the loan, they completed their first batch of 3,000 bottles, now ready to hit the shelves and reach a wider audience.

The £100 million milestone underscores the significant impact of the Start Up Loans programme in fostering innovation, supporting small businesses, and driving economic growth in the South West.

“Start Up Loans was accessible, with a good rate of interest and having it facilitated the expansion of our business. Without this support, this would not have been possible,” says Richard.

Alex Mearns, Head of Start Up lending at Business Support Partner GC Business Finance, said: “From what started as a shared interest between father and son, Richard and Matthew have been able to build an incredibly successful business that is beloved by the local community. Having worked with the pair to support them with a Start Up Loan, it’s been brilliant to see how they’ve grown their business and become a staple in Devon. It’s certainly an exciting time as they expand into bottled beer, and we can’t wait for even more people to try it.”

Louise McCoy, commercial managing director, Small Business Lending at the British Business Bank said: “We’re thrilled that the Start Up Loans programme has delivered over £100m of funding to 10,000 businesses across the region since its launch. The programme aims to expand access to funding for entrepreneurs looking to start-up and grow and this latest milestone is testament to the ambition of the South West’s entrepreneurs. Businesses like Tavistock Brewery deliver a wide range of products and services to their communities and contribute to the economic vitality of their