Government-backed Start Up Lender Endorsed by “the Home of Enterprise Support”

  • Banking
  • 07.07.2021 04:10 pm

National Enterprise Network (NEN) has confirmed its support of British Business Bank as a provider of Start Up loans for UK entrepreneurs.

NEN is a membership organisation that brings together Chambers of Commerce, Local Authorities, Enterprise Agencies and specialists training providers, as well as Start Up lenders, business incubators and growth hubs.

NEN named British Business Bank as a strategic partner in June 2021, and has recognised the power of Start Up Loans to unlock the potential of those who have been made unemployed as a result of Covid-19.

British Business Bank are a government-owned business development bank dedicated to making finance markets work better for smaller businesses. From Start Ups and early stage companies to SMEs looking for scale up, the bank’s mission is to provide affordable loans and mentoring to help successful applicants succeed.

British Business Bank are more than just a finance provider – they are firmly on the side of small businesses and that’s what NEN believes Enterprise Support is about. The strategic partnership between National Enterprise Network and British Business Bank further strengthens and reinforces the SME ecosystem as the backbone of the UK economy.

Individuals looking to start or grow a business in the UK can borrow between £500 and £25,00 thanks to the government backed Start Up loan scheme, which has had a transformative impact on the lives of thousands of individuals, local communities and the nation as a whole. For every £1 invested in the scheme, £3.30 of value is delivered back into the UK economy.

An important aspect of the Start Up Loan provision is the support on offer to applicants. This includes guidance from a business adviser during the application process and 12-months free mentoring support. British Business Bank have signposted any entrepreneurs who are unsuccessful in applying to the Start Up Loan scheme, or those who would benefit from support past their first year, to National Enterprise Network’s directory – where business and advice, support and mentoring is available from members across the country.

Alex Till, chairman of National Enterprise Network said: “Creating a more diverse finance market for smaller businesses is really important, as is the feedback to Government on what works and what doesn’t. British Business Bank are going the extra mile with the provision of dedicated mentoring support alongside Start Up loans, giving entrepreneurs the best chance of building viable and successful business. Where there are additional training and mentoring requirements, NEN will be delighted to step up and support the bank’s small business customers.”

Richard Bearman, Managing Director of Small Business Lending at British Business Bank, said: “National Enterprise Network are making a real difference to UK enterprise by providing entrepreneurs with advice, training and affordable workspace. We are proud to be able to compliment this support with finance options that really work for small businesses. I look forward to working collaboratively with NEN to provide advice and insights to Government, so that our SMEs continue to thrive and grow - creating additional jobs and economic activity.”

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