Today, Start Up Loans, a part of the British Business Bank, declared that it has provided over £100 million in funding to business owners aged 18-24, equivalent to over 15,000 loans since the program’s inauguration in 2012. The North West has received the largest volume of loans (1,992), trailed by the West Midlands (1,591) and the South East (1,291) outside of London. Since 2012, London has received 3,099 loans in total. Retail (£8.5m), hospitality (£5.8m), and arts and entertainment (£2.5m) are among the most popular industries to launch a business among the recipients of these loans.
As the Start Up Loans program begins a new informational campaign, aimed at students considering entrepreneurship as a potential career path, the funding milestone is reached. This move intends to help aspiring entrepreneurs make their business concepts a reality. The campaign is running in 54 UK cities, and the information can be accessed by scanning the QR code on the posters and screens found in and around college and university campuses.
Cory Hibbin, a Gen Z business owner who received a £14.5k loan in March 2023 to start Techie Services, is just one of these beneficiaries. Based in Hastings, the company offers security solutions for residential clients, estates, and corporate buildings, including CCTV, alarm systems, and network management. After beginning an apprenticeship as an IT engineer at a consultancy firm when he left school at 16, he started offering surveillance services on the side of his day job after developing his expertise. The client was so impressed that they asked him to work for them full-time.
Small Business Minister Kevin Hollinrake stated, “Every large firm began as a small business, and today’s aspiring young entrepreneurs could be the next success story. I encourage them to explore how a Start Up Loan can jump-start their ambitions today.” The British Business Bank and the Help to Grow campaign have supported the next generation of business leaders with over £100 million in government-backed investment, and they intend to continue to do so.
Cory, the founder of Techie Services, added, “While it may appear to be a large leap of faith to some people, don’t let the fear of failure prevent you from trying in the first place. I encourage anyone 18 or above to investigate the financing options available to them if they require assistance getting started.”
