Budding entrepreneurs within the bounds of Causeway Coast and Glens Borough Council have received more than £1m of support from the British Business Bank’s Start Up Loans programme since its inception, new figures have revealed.
The programme provides government-backed personal loans at a 6% fixed interest rate to individuals looking to start or grow a business.
So far £1,049,617 has been issued to business owners across the Causeway Coast and Glens region through 123 loans at an average of £8,506.
A strong commitment to Northern Ireland
Across Northern Ireland, business owners have received £17m from the Start Up Loans programme with 1,924 loans issued at an average of £8,533.
Entrepreneurs in the Mid Ulster District Council area have received the most funding from the programme with £2,782,650issued across 291 loans.
In Belfast, a total of £2,270,404 has been issued across 288 loans, so on average businesses there have received an average of £7,883.
The figures also show that the Start Up Loans programme has hit significant milestones in four more Northern Irish council areas.
In the Newry, Mourne and Down District Council area the programme has lent £2m while in the Derry City and Strabane District Council area, £1m of financing has been reached.
The £1m mark has also been surpassed in both the Lisburn and Castlereagh City Council (£1,071,817) and the Ards and North Down Borough Council (£1,006,250) areas.
Another milestone is also on the horizon as figures show nearly £2m of finance has been provided to businesses in Fermanagh and Omagh District Council region.
It is encouraging to see more than £1m of Start Up Loans have been issued across the Causeway Coast and Glens Borough Council region. The British Business Bank is focused on improving access to finance in all areas of Northern Ireland, and it is particularly pleasing to see some of our more rural areas performing well. There is great entrepreneurial spirit in this area and the Bank stands ready to support these people in fulfilling their ambition of starting their own business. We’re grateful to Enterprise Northern Ireland, our Business Support Partner, for all the work they’ve done to help us reach and support these businesses.Susan Nightingale Director UK Network Devolved Nations, British Business Bank
See below for a full breakdown of loans across Northern Ireland
| Start Up Loans in Northern Ireland | ||
|---|---|---|
| Local constituency | Loans Made | Value (£) |
| Mid Ulster | 291 | £2,782,650 |
| Belfast | 288 | £2,270,404 |
| Newry, Mourne and Down | 208 | £2,012,546 |
| Fermanagh and Omagh | 204 | £1,897,836 |
| Armagh City, Banbridge and Craigavon | 196 | £1,796,817 |
| Derry City and Strabane | 137 | £1,102,821 |
| Lisburn and Castlereagh | 118 | £1,072,000 |
| Causeway Coast and Glens | 123 | £1,049,617 |
| Ards and North Down | 123 | £1,011,250 |
| Antrim and Newtownabbey | 86 | £903,523 |
| Mid and East Antrim | 117 | £893,944 |
In addition to finance, successful applicants receive 12 months of free mentoring and access to business resources to help them succeed. The loan is unsecured, so there is no need to put forward any assets or guarantors to support an application.
All owners or partners in a business can individually apply for up to £25,000 each, with a maximum of £100,000 available per business.
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