Young entrepreneurs in Northern Ireland are being reminded of the opportunities available through the Start Up Loans program, which has reached a significant lending milestone. Since 2012, the program has issued 1,776 loans totalling almost £16m in Northern Ireland. This initiative aims to provide financial support to individuals who may encounter difficulty accessing funding from other sources.
Encouragingly, in the 18-24 age range, 227 loans worth just under £1.7m have been issued locally, demonstrating the program’s support for young people looking to kickstart their business ventures. The age range of 31-49 has seen the highest uptake, with total loans valued at just over £9m, indicating that aspiring entrepreneurs in Northern Ireland are taking advantage of the opportunities available to them.
One notable area with a high number of entrepreneurial 18-24 year-olds is Mid-Ulster, which has led the way with 38 loans issued. The council area has also recorded the highest uptake in loans at 278, amounting to more than £2.6m. Additionally, Belfast, Armagh City Banbridge and Craigavon Borough Council, and Newry Mourne & Down have also seen significant interest in the program, with 31, 27, and 26 loans issued in the 18-24 age range, respectively.
A success story from the Start Up Loans program is that of Padraig Murphy, a 24-year-old entrepreneur who turned his passion for golf into a thriving business. Through the support of the loan, Padraig was able to establish Murphy Golf, a company specialising in thoughtfully designed and carefully crafted golf apparel. The funding facilitated crucial aspects of his business such as sourcing suppliers, investing in stock, and building a marketing team.
Speaking about his experience, Padraig stated, “Applying for the Start Up Loan with Enterprise Northern Ireland was a straightforward process and the cashflow has enabled me to fast-forward my business. It’s something I would certainly recommend to others. The loan has helped me research and source suppliers, invest in stock and get a marketing team on board. Before the Start Up Loan I had been trying to finance the business myself, which was slow, getting the loan really has helped things speed up.”
In support of young entrepreneurs in Northern Ireland, Susan Nightingale, British Business Bank UK Network Director Devolved Nations, expressed her delight at witnessing the ambition and determination of individuals in their late teens and early twenties. She highlighted the potential for aspiring entrepreneurs to realise their business ambitions through the Start Up Loans program and encouraged them to explore the opportunities available to them.
British Small Business Minister Kevin Hollinrake also encouraged young entrepreneurs, emphasising that every successful large firm began as a small business. He urged aspiring entrepreneurs to consider how a Start Up Loan could be the launchpad for their business ambitions. The Minister emphasised the government’s commitment to supporting the next generation of business leaders through initiatives such as the British Business Bank and the Help to Grow campaign.
As the Start Up Loans program launches a new information campaign aimed at students considering entrepreneurship, the initiative seeks to engage individuals across 54 UK cities, including Belfast. The campaign provides accessible information for students, encouraging them to explore entrepreneurship as a viable career option.
In conclusion, the Start Up Loans program has been instrumental in providing financial support to young entrepreneurs in Northern Ireland, helping them turn their business dreams into reality. Aspiring entrepreneurs are urged to explore the potential offered by the program and consider the opportunities available to them. For further information, individuals are encouraged to visit www.startuploans.co.uk to access valuable resources and support.
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