£9.1m of finance provided to young entrepreneurs in Yorkshire and The Humber

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

See below for a 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).

See below for a full breakdown of loans by regions for young people since 2012, including volume and value of loans.

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 UK cities including in Hull, Leeds and Sheffield. Students simply need to scan the QR code on posters and screens around their college and university campuses and surrounding area to access the information.

New data shows that the programme’s impact has been particularly noticeable among young entrepreneurs from across the UK, with 16.5% of all loan recipients aged 18-24 being unemployed before they got their loan.

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.

Matthew Preston, aged 22, is just one of these recipients. With years of experience in domestic gardening, Matthew founded Preston Gardens in 2022 to offer a variety of gardening services to homes throughout Leeds. The business specialises in soft landscaping and offers services ranging from grass cutting to full garden makeovers.

Just one year into operating, Matthew got a Start Up Loan to build on his initial success and purchase a Transit Custom van. The new funding also allowed Matthew to get signage for his van, making the business more visually attractive and to promote the services to a wider audience. The business has already attracted hundreds of customers and has ambitious plans for the future as it continues to deliver bespoke garden services to homes across Leeds.

Matthew Preston, founder of Preston Gardens, said:“Receiving a Start Up Loan gave me the extra support I needed to take my business to where it is now. I am proud of what Preston Gardens has achieved so far, turning my gardening skills into a full-time business so that I am able to bring these skills to homes throughout Leeds. The Start Up Loan has allowed me to focus on carrying out my day-to-day work activities, with increased confidence in my vehicle and tools. I am excited to continue growing the business and achieving more success as a young entrepreneur.”

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 and its business support partners, in giving people with a good business idea like Preston Gardens, no matter their age, 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 said: “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 £100 million in government backed finance and we’re not stopping there.”

The Start Up Loans programme helps people start or grow their business and is part of the government-owned British Business Bank’s remit to making finance markets work better for smaller businesses. They can borrow up to £25,000 at a fixed interest rate of 6% per annum and repay the loan over one to five years. The programme also provides 12 months of free business mentoring.

For more information, please visit: www.startuploans.co.uk