Ahead of Armed Forces Day on 28 June, Start Up Loans (from British Business Bank) and X-Forces Enterprise have announced that over £4m worth of loans have been delivered to members of the Armed Forces community since July 2024.
Overall, since 2013, the value of Start Up Loans to Armed Forces personnel, veterans and their families has reached approaching £40m (£39m). This means that since the partnership started, over 3,390 members of the wider military family have received funding and tailored support to start and grow their own businesses.
Recipients include veterans and family members from the Army, Royal Air Force, Navy and Marines. The most popular sectors for new businesses include retail, manual trades and digital/web services.
This milestone highlights the far-reaching impact of the programme. Last year, X-Forces Enterprise estimated that the businesses supported through these loans have created over 10,000 jobs, demonstrating the community-wide benefits of armed forces-led entrepreneurship.
In addition to helping businesses access funding, X-Forces Enterprise provides pre and post-loan mentoring to help entrepreneurs navigate the transition from military services into entrepreneurship.
Richard Bearman, co-chief banking officer at British Business Bank, said: “The Armed Forces community is a vital part of the UK population and it’s essential that they receive the support they need to transition successfully back to civilian life.
“Reaching nearly £40 million in lending to entrepreneurs from the Armed Forces is a moment to celebrate as it reflects the incredible potential of this community, and we clearly are doing more than ever with £4m being delivered in just the last twelve months.”
Ren Kapur MBE, founder and CEO of X-Forces Enterprise, added: “It’s fantastic to work with Start Up Loans and to see Armed Forces personnel and their families set up businesses, achieve their dreams and create jobs.
“We share their success stories at our Soldiering On Awards and when we’re out and about at many military-led events. It’s hugely rewarding for us to see them realise their entrepreneurial ambitions and positively impact society.
“Armed Forces personnel and their families use their skills to create such a variety of businesses, from Down Range Axe Throwing company through to UK Connect – a multi-million pound turnover computer networking business. We are delighted to have supported over 3,300 business owners.”
Army veteran Colin Smith took out a £15,000 loan with X-Forces in 2023 to establish Down Range Axe Throwing in Gosport, a premier destination for axe-throwing enthusiasts and curious newcomers alike.
The venue features five state-of-the-art axe and knife throwing lanes, designed to prioritise customer safety while delivering a fun and competitive experience. A team of experienced instructors is on hand to guide visitors through proper technique and form.
Colin Smith, founder of Down Range Axe Throwing, said: “The support we received from X-Forces was invaluable in helping us get the business off the ground, and we’re incredibly proud to have turned our vision into a reality.
“Most of our team comes from a military background, including frontline operations in Afghanistan. This brings a high level of discipline, teamwork and hands-on expertise.
“Since launching, we’ve expanded to include a rage room and an indoor paintball range, offering even more adrenaline-fueled activities for anyone looking for something different, exciting and memorable”
To further support existing or aspiring veterans and their families, Start Up Loans and X-Forces Enterprise have published a guide to equip the Armed Forces community with the knowledge needed to successfully launch and manage their new venture. It can be found here.
