Young entrepreneurs fuelled by £11m of funding
Start-Up Loans, part of the British Business Bank, today announces that it has provided more than £100m worth of funding to business owners aged between 18-24 years old.
From that national total, £11m of funding has been provided to 1,591 businesses in the West Midlands.
West Midlands County has received the highest volume of loans with 919, followed by Staffordshire with 280 and Shropshire with 140 loans.
Of those to receive a start-up loan across the UK, the most popular industries to launch a business in include retail (£8.5m), hospitality (£5.8m) and arts and entertainment (£2.5m).
One recent recipient of the Start Loan Loans programme was Blake Bentley, aged 22, who took out a £5k loan for his business, The Scran Man, in March 2021.
The business, based in Great Barr in Birmingham, is dedicated to bringing customers authentic, fresh and tasty American street food such as Philly cheesesteaks, fried chicken and signature burgers. The Scran Man Grill also showcases food and skills to thousands of followers across their ever-growing TikTok, Facebook and Instagram accounts.
Blake Bentley, Founder of The Scran Man, said “My business journey started four years ago with the simple aim of selling unique, inventive food that I loved to make for people in my local area.
“With the finance that I received back in 2021, I’ve been able to grow at a much faster rate than I ever thought possible and it has helped me take the business to a whole new level. My hobby turned side hustle has now rapidly grown into a thriving takeaway hotspot that foodies across the region have sought out and I have even more exciting plans for the future.”
Dr Sophie Dale-Black, UK Network Director for the Midlands and North of England, Start-Up Loans 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, ensuring anyone with a good business idea like The Scran Man Grill, no matter their age, has access to the funding needed to bring it to life.
“It’s great to see that in the West Midlands Start Up Loans funding and mentoring are helping turn business dreams into reality. In the West Midlands County alone it means we’ve helped 919 young entrepreneurs pursue entrepreneurship as a career option.”
