£100m of finance provided to young entrepreneurs by Start Up Loans programme

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 18-24, equating to more than 15,000 loans since the programme launched in 2012.

Outside of London, the North West has received the highest volume of loans (1,992), followed by West Midlands (1,591) and the South East (1,291). London has received 3,099 loans in total since 2012.

Among those to receive one of these loans, the most popular industries to launch a business 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 UK cities, and 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.

Gen Z business owner Cory Hibbin is just one of these recipients. He took out a £14.5k loan in March 2023 to launch Techie Services. The company, based in Hastings, offers security solutions for residential clients, estates and corporate buildings, including CCTV, alarm systems and network management.

He left school at 16 and started an apprenticeship as an IT engineer at a consultancy firm. After developing his skills, he started offering surveillance services on the side of this day job. The client was so impressed that they asked him to work for them full-time.

Small Business Minister Kevin Hollinrake commented: “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.”

Cory, founder of Techie Services, added: “While it might seem a big leap of faith to some people, you can’t let the fear of failure stop you from trying in the first place. I urge anyone 18 or above to look into the finance options available to them if they need a hand getting off the ground.”