Derry City and Strabane’s entrepreneurs receive more than £1m in start-up loans

The programme provides government-backed personal loans at a 6% fixed interest rate to individuals looking to start or grow a business.

So far, £1,102,821has been issued to business owners across the council area, through 137 loans at an average of £8,050.

Across Northern Ireland, businesses owners have received £17m from the Start Up Loans programme with 1,895 loans provided to support small and early-stage businesses.

Entrepreneurs in the Mid Ulster District Council area have received the most funding from the programme with £2,782,650issued across 291 loans.

In Belfast, a total of £2,270,404 has been issued across 288 loans.

The figures also show that the Start Up Loans programme has hit significant milestones in four more Northern Irish council areas.

In the Newry, Mourne and Down District Council area the programme has issued £2m (£2,027,546) across 209 loans.

The £1m mark has also been surpassed in the Lisburn City and Castlereagh Borough Council area (£1,072,000), the Causeway Coast and Glens Borough Council area (£1,049,617) and the Ards and North Down Borough Council (£1,011,250) area.

Another milestone is also on the horizon as figures show nearly £2m of finance has been provided to businesses in Fermanagh and Omagh District Council region.

Susan Nightingale, Director UK Network Devolved Nations, British Business Bank said: “It is encouraging to see more than £1m of Start Up Loans has been issued across the Derry City and Strabane District Council area.

“The British Business Bank is focused on improving access to finance in all areas of Northern Ireland, and it is particularly pleasing to see some of our more rural areas performing well.

“There is great entrepreneurial spirit in this area and the Bank stands ready to support these people in fulfilling their ambition of starting their own business.”

In addition to finance, successful applicants receive 12 months of free mentoring and access to business resources to help them succeed. The loan is unsecured, so there is no need to put forward any assets or guarantors to support an application.

All owners or partners in a business can individually apply for up to £25,000 each, with a maximum of £100,000 available per business.

If you would like to learn more about Start Up Loans support, visit: https://www.startuploans.co.uk/