Young entrepreneurs in South West secure a total of £7.5m in start-up loans

Start Up Loans, part of the British Business Bank, has provided more than £100 million worth of funding to business owners aged between 18-24 years old, equating to more than 15,000 loans since the programme launched in 2012. 

Of that national total, £7.5 million of funding has been provided to 1,008 young entrepreneurs in the South West, with Devon, Cornwall and Gloucestershire ranking as the most entrepreneurial counties in the region based on the number of loans provided, and Dorset and Somerset not far behind.

By county, Devon had by far the highest number of young entrepreneurs receiving a Start Up Loan at 248, followed by Gloucestershire at 143 and Cornwall with 140. Dorset and Somerset followed closely behind with 139 and 134 respectively.

Of those to receive a Start Up Loan across the UK, the most popular industries to launch a business in include retail (£8.5 million), hospitality (£5.8 million) and arts and entertainment (£2.5 million).

The funding milestone comes as the Start Up Loans programme launches a new information campaign aimed at students considering entrepreneurship as a career option so they can make their business dreams a reality. The advertising campaign is running across 54 UK cities, and students simply need to scan the QR code on posters and screens around their college and university campuses and surrounding area to access the information. 

The Start Up Loans programme helps people start or grow their business and is part of the government-owned British Business Bank’s remit to making finance markets work better for smaller businesses. They can borrow up to £25,000 at a fixed interest rate of six per cent per annum and repay the loan over one to five years. The programme also provides 12 months of free business mentoring.

Steve Conibear, UK Network Director South West at the British Business Bank said: “It’s amazing to see people in their late teens and early twenties with such ‘can-do’ attitudes and motivation to achieve success in working life.

“Our £100 million funding milestone is a significant landmark and testament to the hard work of Start Up Loans and its business support partners, in giving people with a good business idea, no matter their age, the chance to access the funding needed to bring it to life. We’re determined to keep backing aspirational young people with money and mentoring.”