Of this total, £17.6m has been lent to over 2,200 entrepreneurs across the North West of England.

These businesses include the Stockport restaurant Where the Light Gets In, and Seven Bro7hers, which has expanded from a small range of craft beers to being able to launch its own beerhouse and brewery premises.

Paul Breen, director of Business Finance Solutions (pictured above), said that since completing its first loan in January 2013, it had seen the £17m of start-up loans invested in the North West transform the lending landscape for new and growing businesses.

“The entrepreneurs we have been working with since 2013 have enormous energy, passion and commitment and have created thousands of jobs in that time, roles that simply wouldn’t exist without this kind of alternative finance.

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“These start-up success stories just keep coming and we’re working closer than ever with our local authority and growth hub partners to ensure that North West entrepreneurs can count on the support they need to help drive our region’s economic success and stability.” 

Joanna Hill, CEO of Start Up Loans, said that Business Finance Solutions was a key delivery partner for the Start Up Loans programme and was delighted with the impressive results it had achieved during the five years of working with the Start Up Loans Company.

“They have proved that starting a business can provide individuals with a viable career option other than just following the traditional employment route and, as a result, have helped to launch many exciting new businesses.

“We look forward to continuing to work with Business Finance Solutions over the coming year and helping to grow the number of start-up businesses across the North West.”