British Business Bank scheme reaches £500m loans milestone
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A UK government-backed bank, set up to boost lending to small firms following the financial crisis, has loaned £500m since 2012, official figures show.
New data from Start Up Loans, part of the British Business Bank, shows London has gained a disproportionate share of the funds, with 14,000 of nearly 70,000 start-up firms loaned £118m.
Fewer than 4,000 firms in Scotland have received a loan, with £29m secured.
The scheme is funded by the UK Treasury.
Unwilling lendersThe British Business Bank was given the task of supporting business investment with government funding.
That included giving confidence to other lenders or to provide lending guarantees when the market was unwilling to do so.
The Start-Up Loans Scheme is the more public face of what the British Business Bank does.
Figures from the bank show that 38% of those given support under that scheme were female, while 53% were unemployed at the time they applied.