£14m boost for entrepreneurs over 50 in Yorkshire and Humber
Start Up Loans, part of the British Business Bank, has delivered more than £140m of loans to UK entrepreneurs aged 50 and older since its inception in 2012.
The programme has supported 13,422 loans, at an average of £10,427.
Of these loans, more than £14.1m has gone to business owners over the age of 50 in Yorkshire and the Humber. 1,286 loans have been issued to businesses, with an average loan amount of £10,969.
Start Up Loans has delivered more than £13m worth of loans nationally to the over 50s in the financial year running 1 April 2023 – 31 March 2024.
Nationally, almost half (£64m) has been delivered since the first Covid-19 lockdown, with 4,664 issued since April 2020 with a value of £63,928,454, reflecting an average loan of £13,707 per business.
In Yorkshire and the Humber, 442 loans have been delivered since the first Covid-19 lockdown, providing a total of £5.7m.
Constituency breakdown of loans to over 50s in Yorkshire and the Humber since 2012:
Among the entrepreneurs in Yorkshire and Humber to benefit has been Leeds-based Brigitte Dove.
After noticing that a high percentage of female-founded businesses fail due to lack of confidence or knowledge of the corporate world, she applied for a Start Up Loan via Virgin StartUp to set up Turn Your Business Round.
She now acts as a business mentor and marketing advisor to female founders.
Brigitte Dove
The loan allowed her to develop a website and invest in initial marketing materials, such as photography, as well as investing in running and promoting live events for female founders.
She plans to grow her team and employ someone to manage social media, as well as acquire permanent business premises.
Dove said: “I noticed women have great ideas and visions, but a lack of confidence in business and marketing amongst the general female population is highly prevalent.
“That’s where I wanted to slot in as a support system, advising on both business and marketing.
“The Start Up Loan I got through their partner Virgin StartUp meant I’ve been able to put my plan into action, and I’m now focusing on developing the business offering.
“I want to host events and retreats to bring female founders together and grow the female founder community.”
Dr Sophie Dale-Black, UK network director for the Midlands and North of England, Start Up Loans said: “As Brigitte demonstrates, you can further your business ambitions at any age.
“It’s why we encourage anyone with a good business idea to get in touch and learn more about how the Start Up Loans programme might be able to help turn it into reality.
“It is interesting to note the high proportion of the funding during and after the pandemic, suggesting that many people of 50 plus re-evaluated and took action to pursue their business ambitions.”
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