North West most fertile region for start-ups, outside London

The North West has overtaken the South East to become the most entrepreneurial region outside of London, figures suggest.

New data shows towns and cities in the area received 8,366 start-up loans since the Government-backed programme launched seven years ago.

That adds up to £65m in funding to help businesses get off the ground.

The figure compares with 6,062 loans and almost £52m in funding for the South East, the next largest region.

The North West was beaten only by London as the most entrepreneurial region in the UK.

According to the figures, Start Up Loans has delivered 15,423 loans, providing more than £123m in funding to start-ups in the capital.

Toby Harper, who set up law-firm Harper James following a business start-up loan, said the figures underline that the region is a great place for any would-be entrepreneur to launch a business.

Ironically, given Toby’s background, his firm, which operates a Manchester office, now provide legal support and services to more than 1,000 clients, many of them new and small business start-ups.

He said: “These figures are fantastic news for the North West and prove it is a fantastic area to do business.

“As an entrepreneur myself I know the barriers that exist to getting your idea off the ground.

“Start-up loans are a great way to kick-start that process and set off on a path to try and find success.”

The Start Up Loans programme provides fixed-interest loans of up to £25,000 to aspiring business owners from across the UK, many of whom might be struggling to access other forms of finance. Since 2012, it has lent £527m through 66,435 loans.

In addition to finance, Start Up Loan applicants receive support from an expert business advisor to help them prepare a business plan and cash flow report.

Successful applicants are also offered 12-months of free mentoring to guide them through the early stages of their business journey.