Yorkshire and Humber is ‘UK’s fourth largest start up hub’
More than £44m of £500m lent to UK small businesses since British Business Bank’s Start Up Loans programme launched in 2012 has gone to Yorkshire and The Humber.
According to official figures published today, of 63,920 loans issued to fund small business across the UK, 5,377 went to aspiring business owners in Yorkshire and The Humber worth £44.3m, with the average loan amounting to £8,235.
Of those who received a loan, almost four in 10 (38.4%) were women, almost one in 10 (9.9%) came from black, Asian and minority ethnic communities (BAME), and almost three in 10 (30.1%) were unemployed when they applied for the loan.
The Start Up Loans programme, part of the British Business Bank, has lent money and provided mentoring support to aspiring business owners in every part of the country.
A Start Up Loans Heatmap, which goes live today, shows the regional breakdown of the £500m.
The North West region was given the highest number of loans outside London, receiving 7,841 loans worth £60 million. The South East follows with 5,680 loans worth £48 million followed by Yorkshire and The Humber with 5,377 loans worth £44 million. There were 3,879 loans in Scotland worth £29 million and 2,904 loans in Wales worth £26 million.
Yorkshire and The Humber business owners supported by Start Up Loans have used the funding to set up businesses in a range of sectors.
They include Razan Al-Sous, the founder of Yorkshire Dama Cheese, who set up her business making halloumi cheese after fleeing war-torn Syria with her husband and three children and struggling to find work, despite having a degree in pharmacology.
Yorkshire Dama Cheese now has a turnover of £189,000, with products sold at Morrisons as well as online. It has also won a number of awards, including the World Cheese Award Gold Prize 2016.
Al-Sous said: “My business is going from strength to strength and I’m thrilled that my traditional halloumi made with local ingredients is being enjoyed by people up and down the country.
“Starting a business requires passion and determination. There are many highs but also many lows. Start Up Loans supported us every step of the way and we really wouldn’t be where we are today without their help and expertise.”
Other Yorkshire and Humber business owners supported by Start Up Loans include Nicholas Smith, founder of YorTours, a business that provides personalised driven tours through Yorkshire.
Smith has since expanded to London and Edinburgh and is currently studying for a foundation degree to improve his knowledge of the regions he wants to expand to next, namely Eton and Windsor.
Patrick Magee, Chief Commercial Officer of the British Business Bank, said: “We’re absolutely delighted that we have supported so many fantastic small business owners from up and down the country.
“The hard work and determination of the UK’s 5.7 million small businesses make a huge contribution to society, and it’s great to see latest research showing that the economic benefits of the Start Up Loans programme are nearly six times its economic costs.
“We’re committed to helping small businesses prosper and grow and we look forward to supporting many more in future.”
Kelly Tolhurst, Small Business Minister, said: “This half a billion pound funding milestone is a great cause for celebration and a clear demonstration of our modern Industrial Strategy in action – supporting people to start and grow a business, creating good jobs and increasing the earning power of people throughout the UK.
“Small businesses are the backbone of our economy and I’m particularly pleased to see that so many women and entrepreneurs from black, Asian and ethnic minority backgrounds have benefited from this government-backed scheme.
“This record funding is backing the UK’s entrepreneurial spirit and enabling people across the country to follow their passions and start and grow a business.”
