15 January, 2015
£1 million Start Up Loans distributed by Outset Finance
Our Outset Finance service, which is a national Start Up Loans delivery partner, is celebrating the start of 2015 with the achievement of a major milestone:£1 million + Start Up Loans secured for clients around the country. This news comes just a day after the government’s Start Up Loans Company announced the national scheme’s successful delivery of 25,000 loans to UK businesses.
Key highlights include:
- £11,500 average loan size – more than double the national Start Up Loans Company average of £5,183
- Average of 12 businesses supported every month
- 44% of clients were unemployed prior to applying
- 38% women, double the national average of 19% SMEs started by women
- 10% BME clients
Outset Finance, sister service of the award-winning start-up support provider, Outset, and part of YTKO Group, has been delivering Start Up Loans since the start of 2014, and has just recently had its contract extended for the new year. The Start Up Loans scheme offers low interest rate loans designed to support individuals that have been rejected or are likely to be rejected by mainstream channels, like banks.
Start Up Loans Manager, Rob Guy claims: “Access to finance is well documented as one of the top two barriers to enterprise facing SME’s across Europe. This scheme provides a great solution to this challenge, ensuring that those who are most in need of finance to make a change in their lives have the support and access they need. We’re thrilled with reaching this milestone and look forward to doubling it in 2015.”
Read what some of our clients, based around the country, have to say:
Huntingdonshire based client, Paul Vials, owner of The Ostrich Inn, says:
“The financial support I received from Outset Finance, alongside the support from Outset Huntingdonshire gave me in creating a business plan have been invaluable, making it possible for me start my new business.”
Bristol based client, Shilpi Begum, owner of Indian deli Chai Shai, says:
“Communication with Outset Finance and the loan process itself was easy and straightforward. We felt we were listened to and our requirements understood and thanks to the loan, we were able to build the kitchen we needed for our deli.”
Bournemouth based client, Steve Rafter, owner of BOMO Audio, says:
“The loan I received from Outset Finance helped me purchase the equipment I needed for my business. There is no way I could have got started without this initial injection of money.”
Cornwall based client, Thomas Moyle, owner of Moyle Estates, says:
“Initially we came to Outset for funding support, but what we got was so much more than that. We’ve been able to look at the business more realistically, create a good business plan and get it to the right people. Without them, I really believe we wouldn’t have got to where we are now.”
Plymouth based client, Jenny Adjene and her partner Emiko, owners of online stationary business HipHipHooray, says: “Without Outset’s help, I don’t know how we would have sourced the finance to start our new company.”
Swindon based client, Steve Friend, owner of High Street Hero, says:
“I was looking for significant capital to borrow for my start up, primarily to invest in physical equipment but also to provide capital required to actually promote and market our service. Once I’d convinced Outset Finance and the Start Up Loans Company that the figures were realistic and achievable, the loan was speedily approved and the draw down process was as quick as could be expected. The result is that I know have a viable business that is generating profit and growing week on week.”
Torbay based client, James King, owner of Fab Furnishings, says:
“I’d never been self-employed before, so it could have been daunting, but the help from the team at Outset has been absolutely fantastic. In under three months I have obtained funding and opened my shop – I simply could not have done it without their help!”
For more information, please contact:
Jane Cormack, Head of Marketing
tel. 01223 903 916
e. jane.cormack@ytko.com