The views of this article are the perspective of the author and may not be reflective of Confessions of the Professions.
Start-up loans can prove really useful to new businesses and can provide a much-needed cash injection to get operations up and running. From aiding with initial capital to allowing for growth early on in a business’s lifespan, these loans can be extremely beneficial.
To examine Government start-up loans in further detail, BusinessComparison sent Freedom of Information requests to both the British Business Bank and the councils of the 50 largest UK cities.
They requested information such as the number of start-up companies in each city, the number of start-up loans being awarded, by UK region, and the total amount paid out over the past four financial years.
The article reveals statistics about Government Start-Up Loans in the UK, which are used by new businesses to secure initial capital. The data is obtained through Freedom of Information requests to the British Business Bank and explores regional differences.
London had the highest number of start-up loans issued, totaling 1,491 in the 2022/23 financial year, while Northern Ireland had the lowest with 149 in the same period.
Only two other regions, the South East and the North West, had over 1,000 loans issued in 2022/23.
The number of start-up loans across the UK has been gradually decreasing year on year.
The North West had the highest number of start-up loans per capita, followed by Greater London and the South West.
In 2022/23, £120 million was paid out to businesses via start-up loans, with London receiving the most funds.
UK cities have the largest number of new businesses. Northampton had the most start-up businesses, while Coventry had the highest number relative to its total businesses.
It provides rankings of cities with the most start-ups per capita, with Northampton leading the list.
Overall, the article highlights regional disparities in start-up loans, decreasing trends in loan issuance, and the connection between the number of loans and population figures in various regions and cities across the UK.
