Third of start-up scheme loans written off
The Government-backed Start Up Loans scheme has seen £72.4m of loans written off or fall into default since launching in September 2012, according to figures provided by the British Business Bank. The amount is equivalent to 31% of the £231.8m loaned under the programme, and is higher than the £69.7m recouped in loan repayments. Some 35%, or 13,719, of the 39,566 loans issued under the scheme are in default or have been written off by the BBB.
Source: Independent I (07/09/2016)