British Business Bank’s Start Up Loans programme reveals Ambassador

Paul Connaughton, founder of JPC Specialist Motorsports, a motorsports business set up to raise vital funds for JPC Community Farm, is among 14 businesses announced today as Start Up Loans’ 2024 Ambassadors.

Paul secured a total of £20k through the Start Up Loans programme via the Business Enterprise Fund (BEF). JPC Specialist Motorsports was created to help raise vital funds for JPC Community Farm by offering passenger ride experiences, world-class car events and unforgettable automotive experiences.

Paul used his loan to support the growth of the business, ensuring the team could raise even more money for JPC Community Farm. Between himself and his wife Julie, they have three businesses, all of which have received Start Up Loan support.

JPC Specialist Motorsports and JPC Community Farm are named after Paul and Julie’s son, James Paul Connaughton. James was born in 2000 severely disabled and is non-verbal. He became socially aware by about 2012 and when Paul was watching Formula One on television, they noticed it was the first time James had paid attention to anything.

The couple would take James to motorsport events where he would love the roar and reverberation of the engines created by the cars on the track, and so JPC Specialist Motorsports is a perfect way to raise money for an important North East-based charity.

Paul Connaughton said: “After receiving Start Up Loans for all three of our businesses, it is a real honour to have been chosen to be the North East Ambassador for the British Business Bank. JPC Specialist Motorsports raises vital funds to ensure we can continue to offer the support we provide to disabled adults through JPC Community Farm.

“My business wouldn’t be where it is today without the support from the Start Up Loans programme, and I want other budding entrepreneurs to know they can turn to the British Business Bank for support right from the very beginning. I really look forward to working closely with the Bank over the next 12 months to raise more awareness of how Start Up Loans can provide crucial support to smaller businesses.”

This year, in addition to 12 Ambassadors drawn from each of the UK’s Nations and regions, two more Ambassadors have been selected. These business owners represent two important groups supported by the programme, who may face challenges in accessing financing elsewhere: one from the ex-Armed Forces community and the other from the Gen Z age group.

Small Business Minister Gareth Thomas said: “Access to finance is crucial for SMEs to succeed, and the startup loan scheme is a lightning rod to that success. We know that when small businesses are given the tools to thrive, it leads to growth, more jobs and helps to boost the whole economy.”

The 2024 Ambassadors will be introduced at a dedicated event in central London that marks the start of a year-long programme which will see the new Ambassadors take part in a series of local and national activities, helping inspire and encourage aspiring start-up founders to take the leap into business ownership.

Shaun Fooy, Senior Network Manager for the North East of England at the British Business Bank said: “I am delighted to welcome Paul from JPC Specialist Motorsports as the new Ambassador for the North East. He embodies the determination and drive that is required of a business owner in the current climate. I know that he will inspire others to follow their dream of becoming a business owner and I am very much looking forward to working with Paul and helping to share his story.”

Tim Burt, Senior Investment Manager for Start Up Loans, Business Enterprise Fund commented: “I would like to congratulate Paul Connaughton for being selected as the Start Up Loans Ambassador for the North East Region. Here at the Business Enterprise Fund we pride ourselves in how we support businesses in their stepping stones to success and we work closely with the Start Up Loans programme as they are integral to helping businesses start and grow. Paul deserves to be an Ambassador and we look forward to keeping up with his business’ future growth.”

The annual Start Up Loans Ambassadors programme, now in its ninth year, celebrates inspiring UK business owners who have launched an enterprise using financing from the government-backed scheme. The Ambassadors have been selected as they demonstrate the resilience, creativity, and determination required to make a smaller business successful, and to provide inspiration for entrepreneurs across the UK.

Since its inception, the Start Up Loans programme has delivered more than 115,000 loans to business owners across the UK, amounting to more than £1.1bn of financing. Of those loans, 40% of loan recipients have been women and 20% from Black, Asian, and Other Minority Ethnic backgrounds (not including White Minorities).

Through a network of business support partner organisations, the Start Up Loans programme provides:

· access to pre-and-post loan support to help applicants to develop a business plan

· fixed-interest first and second loans of up to £25,000 to help recipients to start or grow their business

· mentoring support to help loan recipients with everything from cash flow to marketing.

As an official Business Support Partner for the British Business Bank’s Start Up Loan programme, British Enterprise Fund operates within a network of business support partners, delivering Start Up Loans in the range of £500 to £25,000 across the North East of England.