The British Business Bank’s Start Up Loans (SUL) programme announces it has issued its 75,000th loan, marking more than £623 million invested in small businesses since its launch in 2012.

Of these 75,000 loans, 9,219 (12%) have been issued to entrepreneurs in the North West, meaning £74,692,327 has been invested in local North West small businesses. When split regionally, the North West received the highest number of loans in the country outside of London, followed by the South East (6,752) and the West Midlands (6,198 loans).

Start Up Loans saw a significant rise in loans issued since the start of the pandemic in the UK. May to July 2020 saw a total of £31.9 million of funding drawn down, compared to £22.9 million in the same period the previous year, an increase of more than 39%. July 2020 has been the record month for drawdowns since 2014, as restrictions eased and businesses started to re-open their doors to customers.

Of the people who received a loan since 2012, two fifths (40%) were women. One in five (20%) of recipients came from Black, Asian and Minority Ethnic communities (BAME), of which 48% were from Black ethnic groups, 23% from Asian ethnic and 29% from mixed ethnic groups. One third (33%) were unemployed when they applied for the loan, reflecting the diversity of the UK start up community.

Start Up Loans has lent money and provided mentoring support to aspiring business owners in every region of the United Kingdom and its impact has been particularly noticeable in areas of deprivation.

When split regionally, the North West received the highest number of loans outside of London with a volume of 9,219 (12%) worth £74 million. The South East received 6,752 loans (9%) worth £60 million, followed by the West Midlands where a total of 6,198 loans (8%) were provided for a value of £50 million.

The 75,000th Start Up Loans recipient was Helen Conway, from Blackwood, South Wales. Helen took out a loan of £25,000 this month (August) to pay for the equipment and premises to open a new bakery.

In March 2020 as the UK went into lockdown, Helen alongside her daughter, Angharad, and son-in-law Lance, launched an online bakery delivery service, Ty Melin Bakery (Mill House).

Between April and August 2020, the trio has generated a turnover of over £30,000, despite having to limit the number of items baked per day due to lack of space.

Helen Conway, co-founder of Ty Melin Bakery, said:

“The three of us have been discussing the possibility of starting a family venture for several years and we drafted our initial business plan over two and a half years ago.

“Lockdown gave us the perfect opportunity to launch, as the nation became increasingly reliant on delivery services to help make their time at home more bearable.

“When our online shop opens at 9am on Saturday we usually sell out by 10am. We also introduced national delivery for one of our most popular products, the Croissant Bomb, and they sold out within 90 seconds.

“We are delighted to have taken out our loan and the advice and guidance we received from Start Up Loans, through our loan provider, Business In Focus, was spot on.”

Richard Bearman, Managing Director of Start Up Loans, said:

“Start Up Loans’ 75,000th draw down represents a major milestone for our operations, meeting a key policy objective from when we launched in 2012. Government backed finance for people looking to start their own businesses has never been more important than it is currently. As well as being key to economic growth over the long term, Government support for small businesses around the UK continues to drive investment into the regions.”

Business Secretary Alok Sharma said:

“The Start Up Loans programme was set up by the government-owned British Business Bank to give funding and support to entrepreneurs who might otherwise struggle to access it, making a real difference to tens of thousands of entrepreneurs across the country.

“The North West is a hub for creativity and industry that will play a critical role in the UK’s future prosperity. As these figures show, we are committed to levelling up the UK and backing makers, doers and innovators regardless of their background, in the North West and in every corner of the country as we build back better.”

As well as finance, every loan recipient is offered a support package, including access to a free expert business mentor for 12 months to help them with every aspect of setting up a business.

Bespoke Hotels, which provides hotel management services for over 80 properties worldwide including Hotel Gotham in Manchester, The Chester Grosvenor and The Mill at Chester, has secured a £725,000 funding package from Barclays through the Government backed Coronavirus Business Interruption Loan Scheme (CBILS).

The funding has provided three North West hotel businesses with the liquidity needed to survive the lockdown period and be in a position to reopen and preserve hotel jobs. Hotel Gotham and The Mill at Chester both recently reopened successfully and The Chester Grosvenor, a 5-star luxury hotel and spa, will be reopening on 27thAugust.

Bespoke Hotels was founded in 2000 and has subsequently grown into the UK’s largest independent hotel group, managing more than 5,000 hotel rooms and 6,000 employees and £525 million of assets spanning the length and breadth of the country and overseas.

Bespoke Hotels continue to add more properties to its representation portfolio and last week finalised a five-year hotel management deal on 40 ex-Shearings Hotels with almost all of the hotels from the Bay, Coast & Country and Country Living collections, which went into administration in May, have joined the Bespoke Hotels banner effective immediately. Bespoke Hotels is also set to open a second Hotel Gotham in Glasgow in spring 2021, six years after the original launched in Manchester with further hotels expected to open in London, Birmingham, Brighton and Bath.

Haydn Fentum, Chairman of Bespoke Hotels said:

“Barclays were outstanding at dealing with our request for a Coronavirus Business Interruption Loan. The support from their dedicated Hospitality and Leisure team with their knowledge of the challenges and issues facing the sector, mean these iconic North West hotels have been able to come through the challenge of lockdown whilst preserving local jobs and keeping the supply chain intact. It really illustrates the strength of our business and it’s a very positive indicator of market confidence in the ability of our industry to battle through this unprecedented situation.”

Keith Herod, Director for Barclays Corporate Banking said:

“Bespoke Hotels benefits from an excellent reputation built over many years, coupled with a highly unique portfolio of venues. When the pandemic forced its hotels to close, our understanding of the client and close relationship meant we could act quickly and appropriately to meet the new challenges they were up against in terms of providing vital liquidity and securing jobs until they could reopen their doors. With this additional headroom, it now means the business is in the best possible shape and we look forward to working alongside Haydn and his team as Bespoke Hotels continues to grow.”