A GOVERNMENT loan scheme has given more than £100 million to people starting businesses in the West Midlands.
The British Business Bank's Start Up Loans programme says it has given more than 10,000 loans to budding entrepreneurs in the region since 2012, with an average loan of £9,900.
Coventry, Shropshire and Wolverhampton were the areas that received the most money, after Birmingham.
Young entrepreneurs and NEETs (not in education, employment, or training) in particular are groups benefiting from the finance provided.
Gareth Thomas, minister for services, small business, and exports, said: "This is an impressive milestone for the Start Up Loans programme, which has boosted thousands of entrepreneurs and local businesses, and will help drive economic growth in communities across the West Midlands.
"This government is determined to give small businesses, and in particular those from underrepresented groups, access to the finance they need to start up and scale up, and programmes like this are key to achieving that."
One person who benefited from the scheme is Laura Suominen, founder of Ikigai.
She received a £12,000 loan in 2024, which helped her expand her Leamington Spa-based business and develop a new website.
Ms Suominen said: "The Start Up Loans programme has been a huge help in growing the business and supporting our ambition to bring Japanese culture and homeware to Leamington Spa."
Another beneficiary is the 23-year-old owner of The Scran Man Grill in Great Barr, who used a £5,000 loan to set up a permanent location for his American street food business.
Louise McCoy, managing director at Start Up Loans Products, British Business Bank, said: "We are proud to say that the Start Up Loans programme has now supported founders with £100m in funding since its inception in 2012.
"This milestone is a testament to the great work and partnerships that take place across the West Midlands."
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