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The government lending scheme Start Up Loans, has revealed how new business funding was spent across the UK last year.
Based on official data, Start Up Loans lent £62,861,292 across 20 sectors in 2017. Interestingly, London received the most financial support and got £7.2 million more in investment than the entirety of Scotland.
So which sectors received the most start-up funding?
- Restaurants in London received £328,533
- Of the £1.46 million loaned in the travel agency sector, London saw £727,699 of it
- The growth of other perennial crops saw double the investment in 2017 when compared to the previous year, London alone got £124,000 of the £318,740 invested in this area
- London borrowed the most money overall in the finance and insurance sector, borrowing a total of £136,500
All this information can be found on the interactive which you can view here: https://www.startuploans.co.uk/business-breakdown/
Cameron Bisset, Digital Content Manager for Start Up Loans commented:
“We back thousands of start-up businesses each year and we wanted to share some of the transformations with the public. The interactive showcases where money is lent, and provides a breakdown of the work we do in enhancing business communities nationwide.
We have supported more than 40,000 businesses with around £250 million in funding, and the guide illustrates the work we do in making businesses a success in key industries.”
How did areas compare to London when it comes to which received the most funding in total?
- London- £11,977,161
- South East – £7,963,315
- West Midlands – £7,963,315
- North West – £6,460,348
- South West – £5,276,558
- Yorkshire and the Humber – £5,109,671
- Scotland – £4,786,646
- East of England – £4,186,056
- North East – £4,072,444
- Wales – £3,672,190
- East Midlands – £3,270,311
- Northern Ireland – £778,690