On Air Now Topping In The Morning Wake up with Paul, Hayley, Emily and Heather 6:00am - 10:00am Calvin Harris / Tom Grennan - By Your Side Schedule

Millions Of Pounds Worth Of Loans Handed To Start Up Island Businesses

Loans

191 loans worth £1,078,580 have been issued to small businesses across the Isle of Wight, according to new data from Start Up Loans.

The Start Up Loans scheme, established in 2012, to help new businesses access affordable finance and mentoring support has had a transformative impact on the lives of thousands of individuals, often those under-represented in the business community. 

The Island's MP Bob Seely has welcomed the scheme, saying it will 'enable businesses to get back on track much more quickly.' 

Mr Seely said:

“I encourage all small business owners on the Island to consider how this scheme could help them to keep their business going through this challenging time.” 

Richard Bearman, Managing Director of Start Up Loans, said: 

“Government-backed finance for people looking to start their own businesses has never been more important than it is currently. As well as being key to economic growth over the long term, Government support for small businesses around the UK continues to drive investment into the regions.” 

As well as finance, every loan recipient is offered a support package, including access to a free expert business mentor for 12 months to help them with every aspect of setting up a business. 

For small businesses who need support, see the free guides on a range of subjects related to starting a business are available on the Start Up Loans website here: https://www.startuploans.co.uk/free-start-up-guides/  

More from Isle of Wight News