Start Up Loans, which operates as a division of the British Business Bank, has demonstrated substantial impact by disbursing more than £100 million in funding to entrepreneurs aged 18-24 since 2012. In the East Midlands region exclusively, a total of £7 million has been allocated to 1,035 businesses, facilitating the commencement of their entrepreneurial endeavors.
Recent data has unveiled the most entrepreneurial counties within the region. Nottinghamshire emerges as the front-runner with 295 loans, closely pursued by Lincolnshire with 247 loans and Derbyshire with 215 loans.
Among all the Start Up Loans granted in the UK, the retail sector received the highest funding at £8.5 million, followed by hospitality with £5.8 million, and arts and entertainment with £2.5 million.
There has been a shift in focus towards encouraging students to consider entrepreneurship as a potential career path. Through a targeted information campaign aimed at young adults, the Start Up Loans programme aspires to motivate students to translate their business aspirations into tangible realities.
Recent statistics have reflected a discernible impact of the programme, particularly among young entrepreneurs. 16.5% of loan recipients aged 18-24 were previously unemployed before securing their loans. Furthermore, 39% of loans extended to entrepreneurs under the age of 25 were granted to female business proprietors, and 24% to individuals from ethnic minority backgrounds.
One noteworthy success story is that of William Tansley, aged 24, who acquired £15,000 in September 2023 through the Start Up Loans programme for his family-operated professional cleaning and restoration business, Revive Pro. Situated in Nottingham, the business intends to utilize the funding to invest in new equipment and expand its services for domestic and commercial properties.
Dr Sophie Dale-Black, UK Network Director for the Midlands and North of England at Start Up Loans, has expressed enthusiasm for the drive and determination exhibited by young entrepreneurs. She attributes the programme’s success to the diligent efforts of Start Up Loans and its business support partners in granting aspiring individuals access to necessary funding and mentoring to realize their business concepts.
The Start Up Loans initiative offers an opportunity for individuals to borrow up to £25,000 at a fixed interest rate of 6% per annum and repay the loan over a period of one to five years. Additionally, the programme provides 12 months of complimentary business mentoring, rendering it a valuable resource for young entrepreneurs.
The Small Business Minister, Kevin Hollinrake, has urged eager young entrepreneurs to explore the potential of a Start Up Loan in realizing their ambitions. Through initiatives such as the British Business Bank and the Help to Grow campaign, the government remains dedicated to supporting the forthcoming generation of business leaders by delivering over £100 million in government-backed finance.
For further information on Start Up Loans, kindly visit: www.startuploans.co.uk
The Start Up Loans programme is not only empowering young entrepreneurs in the East Midlands but also offering them a valuable avenue to pursue their business aspirations. With its emphasis on funding, mentoring, and support, Start Up Loans persistently serves as a pivotal player in cultivating the growth of the next generation of business leaders.
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