X-Forces has now facilitated more than five million pounds in seed capital to its entrepreneurs, as an official partner of the government’s Start Up Loans Company.
£200,000 a month is currently being issued to X-Forces’ candidates, who have undergone a stringent and critical process of business planning.
X-Forces is the UK’s only provider of complete business support to service-leavers, veterans, military spouses, reservists and cadets. Each week X-Forces receives one hundred new registrations.
The package of support uniquely combines training with mentoring within X-Forces’ network of corporate partners, which is supported by military charities and government departments.
Among the most recent businesses to launch are a trampoline park, sportswear designer, toy manufacturer, renovation team and a pet retail outlet.
CEO and Founder of X-Forces, Ren Kapur, said:
“Just two years after founding X-Forces, we’ve supported almost 500 businesses to launch with the vital funds required, totalling more than £5m to date. The products and services may vary greatly across our startups, but they have in common an incredible tenacity to overcome challenges and succeed. Indeed XF startups have a much greater success rate than the civilian average, and I believe this is testimony to the wider support and network we now have in place.”
Tim Sawyer, CEO, Start-up Loans, said:
“SULCO and X-Forces have demonstrated that, working closely, we can provide a unique approach to seed-funding and support to this skilled and experienced community, which can be further enhanced by the involvement of the business world to deliver meaningful second careers and sustainable economic growth for the Armed Forces Community.”