Business Women Scotland BWS MAG 48 | Page 19

About SULCo: The Start Up Loans Company (SULCo) was formed in June 2012. SULCo provides personal loans for business purposes of up to £25,000 at a 6% fixed interest rate per annum, and offers free dedicated mentoring and support to each business. The primary aim of the Start Up Loans scheme is to ensure that viable start-ups and early-stage businesses have access to the finance and support they need in order to thrive. A network of Delivery Partner organisations support applicants in all regions and industries throughout the UK. The Start Up Loans scheme is not designed to generate a commercial profit. Capital payments together with the interest are recycled to help meet our customers’ increasing demand for finance. Free guides on a range of subjects related to starting a business are available on the SULCo website: startuploans.co.uk/free-start-up-guides. You can find recent media coverage and press releases in the Start Up Loans Media Centre here: startuploans.co.uk/media-centre The funding for SULCo is provided by the Department for Business, Energy and Industrial Strategy (BEIS). SULCo is a subsidiary of the British Business Bank. The British Business Bank makes finance markets for smaller businesses work better, enabling the sector to prosper, grow and build economic activity. Their Business Finance Guide explores finance options and the journey from start-up to growth. Access the Business Finance Guide here: thebusinessfinanceguide.co.uk/bbb Key statistics * Since 2012, SULCo has delivered over 55,000 loans, providing more than £406.1m of funding, helping to back 28 businesses a day, and contributing to the creation of more than 60,000 jobs. NB. that is jobs created or supported by a Start Up Loan including the individual recipient. * In the financial year 2016/17, the scheme provided 9,431 loans with a total value exceeding £91.2m - helping to support around 27 businesses every day of the year.  * 46% of loan recipients were formerly NEET (not in employment, education or training) and 42% were formerly unemployed or economically inactive. * Approximately one in five loans go to residents in the UK’s most deprived communities. * The overall return on investment of the scheme is at least £3 per £1 invested. * Loan recipients report estimated average turnover of £44,000 in the first year. * For more information about Start Up Loans, please visit: www.startuploans.co.uk  *All of these statistics are gross estimates, with the exception of the return on investment numbers, and are based upon Start Up Loans CRM and externally commissioned research undertaken by Qa Research. 19