Holding Back – Money Is Available So Why Are Many U.K. Startups Reluctant To Apply For Debt Finance?

“A lot of businesses don’t apply for funding because they don’t think they’ll get it,” says Richard Bearman. “We want to make people aware that support is there.”  

Bearman is Managing Director of Start Up Loans, a division of the British Business Bank. Backed by the Department of Business Energy and Industrial Strategy, the bank aims to support up to 33,000 businesses over the next three years with loans of between £500 and £25,000. It’s all part of the U.K. government’s plan to foster entrepreneurship. 

But there’s a problem of a sort. As Bearman sees it, businesses that could benefit from financial support are often reluctant to apply

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