Budget 2020: Start Up Loans Response

At today’s Budget, the Chancellor of the Exchequer announced that the Government would be extending the funding for the British Business Bank’s Start Up Loans programme until March 2022, ahead of plans to expand the programme being set out at the upcoming Spending Review.

Keith Morgan, CEO, British Business Bank said: “We welcome the Government’s extension of funding for the Start Up Loans programme until March 2022, and the commitment to future expansion. This is good news for start-up businesses across the country. The extension of funding will enable the programme to provide up to 10,000 more loans to new and early stage businesses, working with our delivery partner network across the whole of the UK.”

The Start Up Loans programme has successfully provided £566m of funding to over 69,500 businesses since its inception in 2012. It provides aspiring entrepreneurs with loans of up to £25,000 and access to business mentoring services