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Start Up Loans, part of the British Business Bank, has today announced a new partnership with Newable, alongside subcontractor UMi, to provide enhanced mentoring and support to recipients of Start Up Loans.
The organisations will work together to provide post-loan support, to help businesses that have been provided finance under the programme.
Mentoring has a positive effect on loan recipients. According to the Start Up Loans Year 3 Evaluation, more than half (51%) of applicants took up the offer of mentoring support if offered. Of those, nearly three quarters (74%) reported net positive effects on long-term job prospects and 80% reported net positive effects on confidence in running and managing a business.
Newable and UMi will provide up to 12 months of free business support, including providing access to an experienced business mentor. Business owners will be eligible to receive four hours of mentoring and personalised support following an introductory call. There will also be 24/7 online support and resources including UMi Sat Nav and webinars with industry experts spanning topics such as marketing and wellbeing to financial management and legal compliance.
Newable and UMi were selected following a competitive tendering process and will provide an improved, more consistent customer journey to Start Up Loans recipients across the UK. The appointment of Newable and UMi follows on from the recent appointment of new national and regional Business Support Partners (BSPs) to help unlock the potential of small businesses across the UK.
Richard Bearman, Managing Director, Start Up Loans, said: “We’re delighted to be working with Newable and UMi to support business owners benefiting from a Start Up Loan. Mentoring and the support given after receiving a loan has always been an important part of the Start Up Loans programme and the new partnership develops this further, providing mentoring and new resources for the UK’s aspiring entrepreneurs.
“We know the additional help is something that is valued by business owners and is not something traditional lenders can so easily provide. This wraparound support is something that makes Start Up Loans a stand-out provider in the market, and by helping loan recipients succeed we actually lower risk and help create an environment for businesses to grow and employ people in communities across the country.”
Chris Manson, CEO of Newable, said: “Newable exists to help other business to thrive. Mentoring is one of the core pillars of our Newable Advice offering – we work with thousands of mentors across the UK every year to create successful mentorships with ambitious small business leaders and are pleased to bring this extensive national experience with our team of business advisers and our partners UMi to support this dynamic new cohort of entrepreneurs setting out on their business journey.
“We believe the combination of a Start Up Loan, impactful mentoring provided by an experienced mentor and access to quality content and resources is a winning formula to give these new businesses the best chances of succeeding and making a positive contribution to their local community and the UK economy as a whole, and are proud to be able to support such an ambitious mission.”
Nicki Clark OBE, Chief Executive of UMi commented: “UMi are absolutely delighted to be working with Newable and the British Business Bank to provide this much needed support to start-ups.
“Starting a business is really exciting but can also feel quite daunting and confusing, so having that impartial, approachable and encouraging mentor alongside access to the very best information and resources 24/7 is really important to enable these businesses to do more and go further.”