South Shropshire MP Philip Dunne has welcomed figures showing new businesses in the Ludlow Constituency have benefited from over a quarter of million pounds of investment by the Start Up Loans Company.
The Start Up Loans Company was created four years ago, and is funded by the Department for Business, Energy and Industrial Strategy through the British Business Bank. To date it has provided over £250 million of support to more than 40,000 businesses.
In South Shropshire, 46 loans have been made available to people who could not access traditional sources of finance, at a value of £259,275. Start Up Loan Company figures show a £3 return per £1 invested, providing a strong boost to the South Shropshire economy.
Mr Dunne said: “Having both founded a small business and worked to provide finance to entrepreneurs, I am well aware of the difficulties many people come up against when trying to fund their business idea.
Backed by the Government, the Start Up Loan Company has provided a quarter of a million pounds worth of investment to new businesses in South Shropshire. This allows ideas to flourish, businesses to grow, and new jobs to be created.
I would encourage those with a viable business idea, who may have struggled to secure finance in the past, to consider whether the Start Up Loan Company might be the right choice to get your business idea off the ground.”
More information is available at www.startuploans.co.uk