Loans in the West Midlands: Where they went and how were they spent?
The government lending scheme Start Up Loans, has created an interactive guide revealing how new business funding was spent across the UK last year.
Based on official data, the interactive reveals that Start Up Loans lent £62,861,292 across 20 sectors in 2017, £7,963,315 of which was loaned solely to the West Midlands and distributed across its cities, where needed.
So which sectors received the most start-up funding?
– The West Midlands received the most of any UK region for hotels (£89,100)
– After London, the West Midlands and the North West had the most investment in employment agencies
– Nearly £1 million went to logging in 2017, with the West Midlands being one of the most popular areas for investment
– Apart from London, the West Midlands had the biggest investment in the development of building projects (£43,000)
– With £120,200, the West Midland’s investment in hospital activities was four times that of the North West and Yorkshire and the Humber, and even outstripped London by over £30,000
All this information can be found on the interactive which you can view here .
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.”
Which areas received the most funding in total and how did they compare to the West Midlands?
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