- The British Business Bank’s Start Up Loans programme has delivered £10m worth of loans to businesses in Liverpool
- The £10m is spread across 1,169 loans, with businesses receiving loans worth an average of £8,552
- 40% of loans went to female-founded businesses
The Start Up Loans programme, part of the British Business Bank, today announces that it has provided 1,169 loans worth £10m to businesses in Liverpool, marking a significant milestone since its inception.
Of these loans, 40% went to businesses that were female founded. 16.5% of the Start Up Loans went to people from Black, Asian and Other Ethnic Minority backgrounds (not including White Minorities), totaling £2m, or 20% of the value of the funding, highlighting the Bank’s commitment to helping underrepresented groups access to finance and expertise to start a business. 185 loans also went to young people between 18-24 years old, amounting to almost £1.3m.
Recent Start Up Loan recipients in Liverpool include a business making and selling designer clothes for the Pakistani, Middle Eastern and multi-cultural market, a food court located in a large commercial premises, a veggie café and a cleaning services business.
Delyth Edwards Senior Network Manager for the North West at the British Business Bank said:
“The Start Up Loans programme has had such a positive impact in Liverpool, providing £10m to businesses in the region, and we’re proud to have supported a variety of businesses. It’s brilliant to see large portions of the funding we have provided in Liverpool has gone to underrepresented founders, with female-led businesses receiving 40% of the total. We remain dedicated to supporting businesses in regions that have historically been underserved in terms of financial support and we can’t wait to see what these businesses will go on to achieve in the future.”
Robin Valley, a Liverpool-based sustainable jewellery brand, secured a Start Up Loan in 2023. Founded by husband-and-wife duo, Liang Zhang and Wanchong Chen, Robin Valley received a £15,000 Start Up Loan to support its transition to the wholesale distribution of its sustainable jewellery products. Robin Valley is now supplying over 60 prominent organisations including National Museums of Liverpool, London Zoo, English Heritage, National Trust Scotland and National Museum of Scotland.
A year since receiving the Start Up Loan, Robin Valley now employs 20 people, made up of full and part-time employees. It also works with local colleges, providing art students with work experience and job opportunities, in which they take home products, hand paint them, and return them to the business in exchange for payment.
Liang Zhang Co-Founder of Robin Valley said:
“When we applied for the Start Up Loan, we didn’t own property in the UK, which meant it was difficult to access the finance we needed. The Start Up Loan was our only option, and it completely changed the game for Robin Valley. It allowed us to reach our goal of distributing our products on a wholesale basis, and we were then able to reach a point where the business was breaking even.
“The Start Up Loan was incredibly useful and important – it helped us to break critical financial difficulties we had to face to grow the business, and we can’t say thank you enough. The Transmit team supported us based on the fact our business had a future and we truly believe the Start Up Loans programme is the best thing that the British Business Bank offers to businesses like ours.”