British Business Bank and Start Up Loans Company announce merger
(3 April 2017 – United Kingdom) The British Business Bank, the UK’s national business development bank, and the Start Up Loans Company (SULCo), a government-backed scheme supporting microbusinesses with access to finance, have merged following ratification from their respective boards.
The companies said the merger will enable them to collaborate as they seek to support microbusinesses and deliver the Government’s manifesto commitment of 75,000 Start-Up Loans by 2020.
There will be a transition period until 1 July 2017, during which time operations will be brought together. Both the Bank and Start Up Loans Company (SULCo) will stay in their current offices and retain all existing branding with no changes to frontline services.
The announcement comes on the back of SULCo surpassing £300 million in total loans this week, after co-founders of The Oystermen, Matt Lovell and Rob Hampton, secured the programme’s 46,400th loan to fund the opening of their first oyster restaurant in Covent Garden.
According to the firm, the initiative has supported an average of 11,200 loans a year since its inception in 2012.
Keith Morgan, CEO of British Business Bank, said: “The Bank has been working closely with the Start Up Loans Company for several years and this merger will bring the two organisations, which already have a shared sense of purpose and complementary skills, closer together. This is a natural next step, an exciting moment for everyone involved, and means we can deliver a better service for smaller businesses.”
Tim Sawyer, CEO of Start Up Loans, said: “Since launching in 2012, the Start Up Loans Company, with support from the British Business Bank, has lent £300million to microbusinesses across the UK. This merger recognises how successful our partnership with the Bank has been and helps us improve our support for businesses who struggle to access other forms of finance.
“Providing more than 46,400 loans to businesses across the UK is a testament to the drive and ambition of people throughout the country. The Oystermen is a great example of a business idea which has been brought to life with a Start Up Loan. They now have a solid business plan in place which will see them grow their footprint across London and bring oysters to more seafood lovers in the capital and beyond.”
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