£9.1m worth of finance for young entrepreneurs in Yorkshire and Humber

Start Up Loans, part of the British Business Bank, has provided more than £100m worth of funding to business owners aged between 18-24 years old, equating to over 15,000 loans since the programme launched in 2012.

From this national total, £9.1m of funding has been provided to 1,262 businesses in Yorkshire and the Humber.

New data also reveals the most entrepreneurial constituencies in the region.

Richmond in North Yorkshire has received the highest value of loans (£328,478), followed by Wentworth and Dearne in South Yorkshire (£327,150) and Sheffield Central (£315,400).

Full breakdown of loans to the top 10 constituencies in Yorkshire and The Humber since 2012, including volume and value of 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).

The funding milestone comes as the Start Up Loans programme launches a new information campaign aimed at students considering entrepreneurship as a career option so they can make their business dreams a reality.

The advertising campaign is running across 54 cities including Hull, Leeds and Sheffield.

Of all the loans distributed to entrepreneurs under 25, 39% have gone to female business owners and 24% to business owners from ethnic minority backgrounds.

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 20s with such ‘can-do’ attitudes and motivation to achieve success in working life.

“Our £100m funding milestone is a significant landmark and testament to the hard work of Start Up Loans and its business support partners, in giving people with a good business idea the chance to access the funding needed to bring it to life.

“We’re determined to keep backing aspirational young people with money and mentoring.”

Small Business Minister Kevin Hollinrake added: “Every large firm started off as a small business and today’s aspiring young entrepreneurs could be the next success story. I urge them to explore how a Start Up Loan could launch their ambitions today.

“Through the British Business Bank, and the Help to Grow campaign, we’ve backed the next generation of business leaders with over £100m in Government backed finance and we’re not stopping there.”