Funding boost for Wakefield district businesses

21/06/2019, PR-9096

Business start-up graphic

One hundred and eighty businesses in Wakefield district have been successful in attracting start-up capital from a government-backed scheme.

Figures released by the Department for Business, Energy and Industrial Strategy showed that the Start Up Loan programme approved £1.4million for businesses across the district.

Of the 180 loans, 35 were approved for Black, Asian and Minority Ethnic (BAME) businesses, 74 were approved for women and 53 went to previously unemployed people since the programme was launched in 2012.

Cllr Denise Jeffery, Cabinet Member for Economic Growth and Regeneration, has offered her congratulations: "Small and medium-sized businesses are the backbone of local economies and I congratulate these entrepreneurs for their success in launching their dreams. Our economic strategy places a lot of emphasis on supporting small to medium-sized businesses, especially start-up businesses. Elsewhere, Brexit uncertainties have put a damper on business confidence but I am pleased to see our local entrepreneurs are displaying the confidence and interest in the local economy. Well done and best wishes as you grow your businesses."

Cllr Denise Jeffery
Cllr Denise Jeffery

The announcement from the British Business Bank, which manages the loan portfolio, comes during the 6th annual Wakefield Business Week which is designed to equip local businesses with the latest know-how to help grow and develop their businesses.

The programme offers loans (from £500 to £25,000, at 6% interest) alongside free mentoring and support to individuals who are starting a new business or who have been trading for less than two years.