£100 million support delivered to back next generation of small business owners

The next generation of business leaders have received over £100 million worth of support from the Government backed Start Up Loan Scheme

15,000 Start Up Loans worth over £100 million have now been issued to young business founders aged 18-24 since 2012.

The Start Up Loan Scheme is government backed finance delivered through British Business Bank, which has delivered over £1 billion in loans to SMEs across the country since the scheme launched in 2012.

The scheme provides invaluable support to young entrepreneurs who are looking to set up a small business - a group which often struggles to get business finance from other sources – and offers an effective pathway into employment, with almost a third of recipients aged 18-24 leaving unemployment thanks to this scheme.

Of all the loans distributed to entrepreneurs under 25, 39% have also gone to female business owners and 24% to business owners from ethnic minority backgrounds. Outside of London, the North West has received the highest volume of loans (1,992), followed by West Midlands (1,591) and the South East (1,291). London has received 3,099 loans in total since 2012.

Among those to receive one of these loans, the most popular industries to launch a business in include retail (£8.5m), hospitality (£5.8m) and arts and entertainment (£2.5m).

Access to finance is a key part of the refreshed Help to Grow Campaign, a one-stop shop for SMEs to find the information they need to start, scale up and grow their own business. The new site brings together the support on offer from the government into one place, making it quicker and more convenient to find the resources business leaders and budding entrepreneurs need to succeed.