A START up loans programme which has helped popular Essex companies get started has passed a major milestone.

The British Business Bank’s Start Up Loans programme announced yesterday it has delivered £600 million worth of loans outside of London, providing 68,559 loans to entrepreneurs outside of the capital since its launch almost 10 years ago.

Start Up Loans provides mentoring, support and funding to aspiring business owners across the UK.

The South East received the second highest number of loans of anywhere in the UK outside of London, at 8,378 loans worth more than £81 million.

Small Business Minister, Paul Scully said: “There is so much creativity and dynamism in the South East and across the UK, but without access to funding and support it’s difficult to fully unlock the entrepreneurial spirit that makes this country great.

“From fibre optic cables to Marconi radios and Tiptree jam, Essex has a proud history of creativity and innovation, a legacy which dynamic new businesses like Maldon Books are taking forward.

“The Start Up Loans programme has helped a diverse range of entrepreneurs across the UK to get their business ideas off the ground, levelling up the entire country and enabling talented business leaders from all backgrounds to flourish.”

Richard Bearman, managing director of Start Up Loans, said: "Providing £600 million worth of funding to new businesses outside of London is a huge milestone for the government-backed Start Up Loans programme and reflects the broad diversity and ambition of the nation’s small businesses at a grass roots level across the whole country.

"We have always been committed to providing support and funding to smaller businesses that hail from each corner of the country, particularly in areas of deprivation where people may struggle to access funding, and this milestone is tribute to that.

"We are proud that our loans, mentoring and support for aspiring and existing entrepreneurs are helping to support the Build Back Better agenda and we’re delighted to have been able to help Olivia make her dream into a reality."