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East London startups have gobbled up 35% of startup loans lending

Startups and entrepreneurs in East London have equated for 35% of all the lending activity from the Start Up Loans Company since its inception four years ago.

Out of a total £66.3m in funding to London startups, East London businesses have secured £23.2m since 2012 according to data released by the government-backed company, with Hackney’s £4.9m in funding proving the most attractive borough for funding.

East London areas including Hackney and Dalston have cemented themselves at the forefront of the capital’s tech and startup boom since 2009, with much of London’s tech scene centered around clusters in the area.

The funding figures overshadow other London areas with Central London (£14.6m), West London (£9.9m) and South London (£10.3m) lagging behind their East London rivals.

Unsurprisingly, the City of London fared worst of all, with just £51,900 of funding heading to startups in the area more commonly frequented by global financial firms and established companies rather than startups.

Tim Sawyer CBE, Chief Executive Officer at the Start Up Loans Company commented: “The East End’s famous entrepreneurial spirit is alive and well and it’s great to see Hackney leading the way in the capital’s start-up stakes.

“We’re proud to support companies across London, giving them the opportunity to grow and thrive in the capital. We’ve seen some great successes already and we look forward to helping even more start-ups.”

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