The British Business Bank has allocated £11 million in loans to 870 small enterprises in the West Country over the past year, providing a vital boost to the start-up scene in the region. The Start Up Loans programme, administered by the bank’s business support partners, has supported a diverse array of businesses including community-based gyms, sewing cafes, and mobile cocktail bars.
One notable beneficiary of this financial support is BKW CrossFit, a community-based gym in East Bristol. Co-founded by Adam Facey, Raquel Sanjurjo Doval, Holly Hawkins, and Hayden Cotton, the gym received a £60,000 loan through the British Business Bank’s delivery partner BizBritain. This capital enabled them to secure a suitable unit and furnish it with necessary facilities such as a children’s area, televisions, and sofas, aimed at creating a strong sense of community among its members.
The availability of funding and business mentoring through the Start Up Loans programme allowed BKW CrossFit to expand its services, including hosting classes for mothers and babies, social events, and fitness classes tailored to children of varying age groups. Mr. Facey emphasized the significance of securing this finance, stating that it has enabled them to purchase equipment and secure a desired location.
The impact of the Start Up Loans programme extends beyond BKW CrossFit, having supported over 9,000 businesses in the West Country, channelling a total of £90 million in loans since its establishment in 2012. Richard Bearman, Managing Director of small business lending at British Business Bank, expressed his satisfaction at the positive impact of the programme, emphasizing its invaluable support for numerous small businesses in the South West.
The success of BKW CrossFit and other ventures supported by the Start Up Loans programme underscores the importance of access to finance and business support for aspiring entrepreneurs. The diversity of ventures that have flourished with this assistance, spanning from animal therapists to green builders and photographers, highlights the crucial role of initiatives such as this in fostering a vibrant and dynamic small business landscape.
In conclusion, the financial assistance and business mentoring provided by the British Business Bank’s Start Up Loans programme have significantly contributed to the thriving small business community in the West Country. The success stories of BKW CrossFit and others serve as a shining example of how targeted support can enable entrepreneurs to transform their vision into a successful reality.