Start Up Loans Set to Unlock the Potential of Young Entrepreneurs Following the Pandemic
Start Up Loans, part of the British Business Bank, today sets out its commitment to unlock the talent of thousands more people across the UK by helping them to start their own business. The disruptive impact of Coronavirus on the UK’s economy and traditional working patterns has catalysed many to reconsider their careers, whether because of additional time to reflect during lockdown, furlough or a change in employment status.
Scroll
Home » Articles » Start Up Loans Set to Unlock the Potential of Young Entrepreneurs Following the Pandemic
Start Up Loans Set to Unlock the Potential of Young Entrepreneurs Following the Pandemic
New British Business Bank campaign encourages people thinking about their career options to start their own business and become their own boss via the Start Up Loans scheme
The majority of unemployed people (54%) who have become entrepreneurs through Start Up Loans since 2012 are millennials
Start Up Loans, part of the British Business Bank, today sets out its commitment to unlock the talent of thousands more people across the UK by helping them to start their own business.
The disruptive impact of Coronavirus on the UK’s economy and traditional working patterns has catalysed many to reconsider their careers, whether because of additional time to reflect during lockdown, furlough or a change in employment status.
Of the 80,000+ Start Up Loans recipients since 2012, a third (31%) were unemployed at the time of application. Start Up Loans data also indicates that the scheme is particularly effective in enabling young entrepreneurs to start up a business, with millennials representing more than half (54%) of all previously unemployed loan recipients since 2012.
The Start Up Loans scheme has also seen this trend continue with the youngest generation of entrepreneurs, with double the number of Gen Z (18-24 year old) applicants using the scheme as a route out of unemployment in 2020 compared to 2019.
The Start Up Loans scheme was initially set up as the UK economy was recovering from the 2008 credit crisis, with a mission to make business ownership a viable career for individuals who would struggle to raise finance. Building on a nine-year track record of success, the scheme is set to play a vital role as our economy starts to rebuild after the impact of Covid-19, providing both funding and wider support for people starting up their own business for the first time.
Richard Bearman, Managing Director, Start Up Loans said: “Start Up Loans is uniquely positioned to drive the nation’s investment in creative, entrepreneurial talent of any age, thanks to our extensive network of delivery partners and support services. As well as a loan, we support individuals with the practical steps they need to take to begin their own enterprise from writing business plans, accounting and marketing, as well as access to learning with partners such as The Open University.
“It is paramount that we do everything to empower the next generation of young working talent, who have an important part to play in unlocking the UK’s economic recovery, by giving them every chance to succeed, whatever their circumstances. Unemployment can have a catastrophic impact on an individual’s financial security, self-confidence and ability to apply for finance from lenders, and the support provided by Start Up Loans can be of particular use to younger, less experienced business owners.”
Small Business Minister Paul Scully said: “The Government’s Start Up Loans programme has a phenomenal track record of backing budding entrepreneurs across the UK, having helped more than 80,000 people to start their own business.
“Anyone out there looking to strike out, seize opportunities and build something new can benefit from the funding and support which the programme provides. This campaign will be pivotal to our ambition of making the UK the best place in the world to start and grow a business and help us build back better from the pandemic.”
James Talbot, Co-Founder of Pobi Bakery, said: “At the start of the pandemic my partner, Jake, was made redundant and we decided that it was time to start working for ourselves. We took out a loan of £20,000 from Start Up Loans in September 2020 and have never looked back.
“The process of becoming unemployed is stressful and full of uncertainties, but the fact that everyone in the UK has access to schemes like Start Up Loans should be cause for optimism in the current economic environment. Despite all the challenges thrown at the retail industry throughout the last year, we have managed to employ 3 members of staff, open a second site, and are forecasting a turnover of £250,000 in the next financial year. It’s been a huge journey for both of us.”
The Start Up Loans programme provides finance and support for businesses and aspiring entrepreneurs who struggle to access other forms of finance, working with a national network of Delivery Partners based across England, Wales, Scotland and Northern Ireland.
Andy Fishburn, Managing Director of Start Up Loans Delivery Partner, Virgin StartUp said: “Virgin StartUp exists to help founders in the UK to start and scale early stage businesses. We’re proud to be working with the British Business Bank to deliver the Start Up Loans scheme to ensure that applicants receive the right combination of funding and support, to not only start up and survive, but thrive. Small businesses have such a vitally important role to play as we look to rebuild communities, the economy and the world more broadly. We look forward to continuing to work with future founders, in our shared mission to inspire entrepreneurs around the UK.”
View the latest issue of the Wealth & Finance digital magazine which features business profiles of leading industry insiders who are thriving in the finance and investment sector.
By Manuel Rodriguez, Fraud Solutions Manager at SAS The range of potential payment services has expanded rapidly over the last few years. Increasingly, we all want the flexibility of being able to pay with new payment methods, from contactless through to Apple Pay, mobile wallets and beyond. Digital natives, such as millennials, don’t just want […]
Dubai Islamic Bank (DIB), the largest Islamic Bank in the UAE, has entered into an agreement for an innovative new service with the Emirates Group (Emirates).
State-registered banks are the fastest growing bank wealth management segment in the U.S., according to new research from global analytics firm Cerulli Associates.
Research by Statista found that 45% of respondents felt comfortable taking out an insurance policy from a non-insurance company when making a large purchase.
Ameripact today released its latest home-buying efficiency and money-saving tool, the Due Diligence Packet, a lender quality portfolio of information that includes everything a buyer needs to close on a home sale.
Advantages of offshore banks: What they have to offer millennials Contrary to popular belief, offshore banking isn’t just for the super-rich, nor is it illegal. In reality, and with professional advice, the average person can open a perfectly legal offshore bank account within a matter of hours – ideal for busy, on-the-go millennials. For the […]
The reality is that today’s CRO’s (Chief Revenue Officers) are facing extraordinary pressure to transform their departments – especially in the face of a growing shift towards digital commerce models. Once upon a time, a sales executive could rely on experience, insight, and interpersonal skills to close a deal and keep the customer buying – but today, that’s a much more difficult task.
Tennis champion and world number two, Andy Murray announced today that he has made multiple investments on Seedrs, the largest equity crowdfunding platform in Europe.
Navigating the Waters of Small Business Restructuring In today’s fast-paced business world, small businesses often face challenges that necessitate a restructuring of their operations, financial structure, or both. Small Business Restructuring (SBR) has emerged as a pivotal strategy for companies aiming to navigate through tough times and emerge stronger on the other side. But what […]
The value of withdrawn global M&A has reached US$271bn year to date – the highest total since 2008, according to analysis from Deloitte, the business advisory firm.