Louise McCoy is the Commercial Managing Director of Small Business Lending at Start Up Loans, a government-backed programme that launched in 2012 to provide loans and support to new and early-stage UK businesses that may struggle to access finance (up to £25k) elsewhere.
At Start Up Loans we were delighted to announce in May, that in partnership with X-Forces Enterprise, we had provided 3,000 entrepreneurs in the Armed Forces community (so including their family members) with finance and often post loan support to start or grow their own business. This partnership has been a great success, cumulatively delivering £33.5 million in funding since its inception. This milestone exemplifies our commitment to supporting the Armed Forces community.
This milestone shows veterans from across the UK are keen to set up businesses. As Start Up Loans offers pre and post loan support alongside finance, it can be an ideal way for a start up or early stage business owner to get some extra help as they move from life in the Forces to civilian life.
At Start Up Loans we are committed to providing finance and support to a range of recipients, as we understand that diversity is foundational to economic innovation and growth. Diversity is inclusive of all races and genders, but also those from different socio-economic and professional backgrounds. We want to ensure that every individual, regardless of background, has the same opportunity to succeed.
This is demonstrated when you look at the breakdown of loans provided by X-Forces Enterprise and Start Up Loans over the 12 months ending March 2024. In that timeframe, 415 loans were provided in total, with nearly a third (31%) going to female-led businesses and 7% to ethnic minorities.
Reaching 3,000 loans is a clear indication of the success and growth of veteran-owned businesses. These loans have not only transformed individual lives but have also made a substantial impact on the broader economy. The 3,000 businesses combined have created an estimated 10,000 jobs.
On a more local level, the businesses also often make a positive impact on their community, through employment, filling empty premises on high streets, providing products and services local people want and need and by buying from local suppliers, to give just some examples.
The 3,000th X-Forces Enterprise loan recipient, Phil Williams, spent nearly 17 years serving the Army in the Royal Dragoons Guard Regiment. Phil used the loan to set up a Thai restaurant in Warrington this year.
Phil Williams, co-founder, Krapow Thai Restaurant, said: “I heard about Start Up Loans from the business owner next door. Getting the finance has helped us to buy the kitchen equipment, pay tradespeople and buy fixtures and fittings for the opening. The best thing about being a business owner is not having a boss.
“The military skills I lean on are perseverance, patience, listening and getting advice – if I don’t know something, I speak to someone who does. Teamwork has been vital in managing the restaurant refit.
“We had a lot of enquiries before we opened and have been booked up ever since we finished fitting out the restaurant. Now we’re looking to do even more as we want to have a barman doing Thai cocktails.”
Start Up Loans is hugely proud to support business owners like Phil. Making access to finance easier is a great way to help anyone leaving a military career start their next venture. It is essential that we create an ecosystem that not only acknowledges the contributions of our veterans, but actively invests in their future. The varied skills and training that the Armed Forces community bring to the table are invaluable assets that can enrich the British business landscape.
As we celebrate reaching the 3,000-loan milestone, we reiterate our dedication to helping those who have served their country. Through our partnership with X-Forces Enterprise, we are committed to providing the necessary tools and resources to help veteran entrepreneurs and their family members succeed. We invite anyone interested in learning more, to reach out.
You can visit X-Forces Enterprise to learn more about if a Start Up Loan could help you start or grow your early stage business by visiting: https://x-forces.com/funding/
