British Business Bank appoints commercial managing director
The British Business Bank has named Louise McCoy (pictured) as its commercial managing director for small business lending.
Established in November 2014, the British Business Bank is the UK government’s economic development bank. In her new position, Louise will have responsibility for aspects of both Start Up Loans and the Bounce Back Loan Scheme.
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Louise joined the Start Up Loans Company – now a programme under the British Business Bank – in 2016 as an account director before becoming its commercial director in 2018.
The Start Up Loans programme provides personal loans for business purposes of up to £25,000 at a six per cent fixed interest rate per annum and offers free dedicated mentoring and assistance to each business.
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“Louise has been a vital part of the success of the Start Up Loans programme as its Commercial Director,” Richard Bearman, managing director of small business lending said. “I am therefore delighted that she was successful in our open recruitment process and will be taking up this important new position.”
Since its establishment in 2012, the Start Up Loans scheme has delivered almost 100,000 loans, providing more than £941m of funding, and the economic benefits of the Start Up Loans programme are almost six (5.7) times its economic costs.
“I am looking forward to working with Louise in her new role as we seek to grow and strengthen the Start Up Loans programme, not only over the next twelve months but also the longer term,” Bearman said. “Bringing aspects of Bounce Back Loans together with Start Up Loans will help us achieve our objectives more effectively with our lenders, business support partners and smaller businesses.”
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