Boss of government loan scheme on start-up drive
THE boss of a Government scheme which lends money to start-up and young firms has called for more would-be business owners to draw inspiration from the region’s entrepreneurial roots and launch their own enterprise.
Speaking on a visit to Manchester and Salford’s Media City, Tim Sawyer, chief executive of The Start Up Loans Company, said the region could be one of the microbusiness capitals of Europe thanks to its “great spirit of enterprise”.
He said: “Greater Manchester has a proud history of innovation and enterprise. There’s also a genuine spirit of cooperation and collaboration here, a growing economy fuelling its growth, an established business support network and strong civic leadership. That’s a powerful combination. I look across the UK and Europe, and it’s clear the region has a real advantage.
“I don’t see any reason why Manchester and Salford couldn’t be a leading location for start ups in Europe, not just the UK, with one of the biggest populations of microbusinesses.”
The Start Up Loans Company, which is supported by the British Business Bank, was established in September 2012 on behalf of the Department of Business, Innovation and Skills.
It provides personal loans of up to £25,000 for start up and young businesses, alongside mentoring and support.
In the last four years, it has lent more than £10m to over 1,700 firms across Greater Manchester. It works with delivery partners across the region, including Business Finance Solutions, part of the Manchester Growth Company, to help firms access finance.
Sawyer also praised some of those start ups who’ve grown successful businesses with loan funding from the scheme, including promotional marketing agency Zeal Creative, based in Media City.
The firm, which launched with £10,000 of funding from the Start Up Loan Company in 2012, now employs 18 people and generated sales of £1.8m last year. Its co-founder, Stuart Hilton, was appointed an ambassador for the scheme last month at a ceremony in the Houses of Parliament, hosted by Lord Young.
Hilton said: “We’ve found the region a perfect place to start up. There are great businesses here, great connections with cities all over the UK and the world, great access to talent thanks to the universities, and a great culture of enterprise.
“Of course it’s daunting, but there’s so much support there, and I meet so many firms like us who proved it’s possible. Being part of a great business community like this should give people a lot more courage to step out and start up.”
