Business finance provider, Let’s Do Business Finance, discusses the importance of support for new businesses, and shares its news that it will not only be continuing, but expanding its delivery of start-up loans as a business support provider of the British Business Bank

Starting up a business is a big step, and many budding entrepreneurs are nervous to take the step into business ownership, despite having solid business plans, over fears of not having enough capital to really get things off the ground. Reports suggest that starting a business costs £5,000 on average to launch, with a further £22,756 spent in the first year. 

Between 500,000-700,000 new businesses are set up each year, yet many still remain unaware of the support available to them through business support organisations and business finance providers. 

The Start Up Loans programme, which was created in 2012 by the British Business Bank, has just reached a significant milestone facilitating more than 100,000 loans worth more than £941 million to businesses throughout the UK. 

A Start Up Loan is ideal for businesses who are just starting, or have been trading for up to three years. The loans of up to £25,000 can be borrowed over a maximum of five years, and are lent at a fixed interest rate with no application fees, set up fees or early redemption fees. Start Up Loan recipients can also benefit from 12 months of free business mentoring. 

The scheme has played a vital part in helping new businesses to get off the ground, not from just a financial perspective, but also through its mentoring programme, giving business owners the knowledge and skills to continue to grow their business going forward.  

Let’s Do Business Finance has been delivering Start Up Loans as a partner of the British Business Bank for 11 years, helping thousands of new businesses to get started or progress, by providing loans of up to £25,000 to use for capital expenditure such as equipment, stock or marketing. 

Approving a fantastic £4.7million in Start Up Loans in 2022, Let’s Do Business Finance is thrilled to be able to not only continue to support these businesses going forward but also announce it is expanding its existing area to now service clients in Sussex, Kent, Surrey, Hampshire, Isle of Wight, Berkshire, Oxfordshire, and Buckinghamshire. 

Let’s Do Business Finance has been thrilled to be a part of so many new business journeys, supporting businesses such as FittaMamma, Half Man Half Burger, Jeavons Toffee, Ekkist, To The Rise Bakery, and RD1 Clothing with accessing vital finance to help their businesses thrive.

Let’s Do Business Finance has a reputation for its human approach to lending. It really takes the time to understand the business and the people behind it, to help guide the client to the right loan for the business. It takes pride in its clients’ success, and acts as advocates for them, even supporting them to market themselves by creating cases studies that promote their business. Helping new businesses to achieve their goals, will always be at the heart of what Let’s Do Business Finance does; these are the large businesses of the future, so to provide the water that helps that seed grow is both a necessity and a privilege.