Lagan Valley Start Up Loans programme expansion announced

Second Start Up Loans are now also available to eligible businesses that have been trading for up to five years.

The programme previously provided finance to start ups which had been trading for up to two years.

News of the expansion comes after it was revealed 64 entrepreneurs across Lagan Valley have received loans totalling £534,050 since the programme began in 2012.

The expansion follows the 2021/22 Spending Review, at which the government made the commitment to provide 33,000 loans to the programme over the next three years.

The scheme has already delivered more than 1,000 loans – worth more than £12m to new business owners in Northern Ireland since 2012.

Start Up Loans provides funding at a fixed interest rate of 6%, as well as 12 months’ mentoring to its recipients.

Susan Nightingale, Devolved Nations Director, UK Network, said:

“We are delighted to extend the reach of the Start Up Loans programme to help support businesses, including those who need extra support during a challenging economic environment.

"This extension of the programme will enable us to work with those businesses that had perhaps just got going when the pandemic hit, or are ready to consolidate and grow their businesses now that they are back on their feet.

“We are committed to providing support and funding to smaller businesses across NI across all industry sectors. Having delivered more than £12m in loans to NI highlights our continued efforts to help people from diverse backgrounds achieve their business goals.”