Start Up Loans delivers more than £100m to London businesses
The Start Up Loans Company (SULCo) has lent more than £100m to small businesses in London since its launch in 2012.
SULCo’s London Data showed that 14,000 London-based businesses have benefitted from the government-backed scheme, with the average loan amounting to £7,600.
The data showed which areas of London are helping to drive funding growth, with businesses in Hackney receiving the largest amount of funding at £6.7m.
Southwark received the second highest amount of funding at £5.3m, while Lambeth and Lewisham businesses also made the list, with businesses in these areas receiving £5.2m and £4.9m respectively.
London received the highest amount of funding compared to the rest of the UK, with SULCo’s total lending amount to businesses in the city rising by 27% from 2017.
Since its launch, the scheme has helped to support more than 55,000 businesses in the UK, giving them access to finance through low-interest loans.
Among the London-based businesses that the scheme has supported are soda firm Dalston’s and entrepreneur support firm Launch22.
Commenting on the SULCo’s £100m lending achievement, the scheme’s managing director, Joanna Hill, said: “It’s brilliant to hear the stories coming out of London of start-ups which have found success. The £100 million milestone is a fantastic achievement and highlights the entrepreneurial spirit of budding business owners in the city.”
She added that it can be difficult to start a business but that Launch 22 and Dalston’s prove that by having the right financial and mentoring support from SULCo, small businesses can thrive and grow, which contributes to the UK’s economy.