2 minute read
Economy
TAKE THE FIRST STEP on your start up journey
British Business Bank is the UK’s economic development bank.
Our mission is to drive sustainable growth and prosperity across the UK, and to enable the transition to a net zero economy, by improving access to finance for smaller businesses.
Our programmes are designed for businesses at three stages of growth: Start Up; Scale Up and Stay Ahead, working with more than 180 delivery partners. British Business Bank programmes are supporting over £10.8bn of finance to over 93,000 smaller businesses (as at end of December 2021).
When you are trying to start a business, finance can be a key to getting your idea off the ground. The British Business Bank Start Up Loans programme provides government backed loans of up to £25,000 per individual and up to a maximum of £100,000 per business. In addition to finance, successful applicants receive 12 months of free mentoring and advice.
As of May 2022, Start Up Loans programme has delivered nearly 20,000 loans to SMEs in London, worth over £180m. Here are just a few of the companies that have been supported:
Booheads
Ben Caspary launched Booheads in November 2020. His company makes sustainably made and biodegradable bamboo toothbrush heads for consumers seeking an alternative to the disposable plastic versions that end up in landfills.
Paterson and Hill
Arabella Hill and Flavia Paterson set up Paterson and Hill, a clothing brand for women working in manual jobs in January 2020. Arabella noticed that, unlike her, the men working on the construction site were amply dressed in suitable clothing. She wanted clothes made for women in skilled and outdoor jobs, clothes that are durable, practical, flattering and sensitive to the environment.
Vinkind
Alex Habachi set up Vinkind in 2016, an online platform that helps people discover and buy wine, and get recommendations, much like you’d get from Netflix or Spotify. Alex received funding and 12 months of free mentoring support through the Start Up Loans scheme, via delivery partner X-ES.
Nice
Jeremy May secured Start Up Loans funding in February 2020. He had worked in the food and drink industry and came up with the idea for NICE after discovering an American brand of canned wine on Instagram and became immediately obsessed with the concept. NICE sold close to half a million cans in its first year.
Pip&Henry
Jeroo Doodmal secured a loan in December 2021 to launch her sustainable Children’s footwear brand Pip & Henry, having noticed a gap in the market for sustainable, organic, and fair-trade children’s footwear options. 80% of their shoes are made of environmentally sustainable materials, setting a high standard for the children’s footwear industry.
