Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

Huge boom in over 50 year old entrepreneurs with Start Up Loans providing over £140m of finance to fulfil start up dream

by March 12, 2024
March 12, 2024
Huge boom in over 50 year old entrepreneurs with Start Up Loans providing over £140m of finance to fulfil start up dream

The surge in entrepreneurship among individuals aged 50 and above post-pandemic has led to a significant milestone for Start Up Loans, a part of the British Business Bank.

Since its inception in 2012, Start Up Loans has provided over £140 million in loans to entrepreneurs aged 50 and above, supporting a total of 13,422 loans, with an average value of £10,427.

During the Covid-19 pandemic, almost half of this funding (£64 million) was delivered, with 4,664 loans issued since April 2020, amounting to £63,928,454 in value. Interestingly, the average loan value per business during this period increased by over £2,600 compared to the four-year period before the pandemic, now standing at £13,707.

In the fiscal year running from April 2023 to March 2024, Start Up Loans provided over £13 million in loans to individuals aged 50 and above, contributing significantly to national efforts aimed at stimulating economic growth and encouraging this demographic back into the workforce.

The financing provided by Start Up Loans has largely benefited businesses outside of London, with 85% of the loan value deployed outside the capital. Particularly, the North West region received the most financing outside of London and the South East, amounting to £16 million.

Eduardo Barreto, founder of Boy Next Door Productions, is one of the entrepreneurs aged 50 and above who benefited from Start Up Loans. His production company received a £10,000 loan, enabling him to produce successful shows at The Arcola Theatre. Barreto emphasized the importance of both the loan and the mentorship provided by Start Up Loans in helping him achieve his business goals.

Richard Bearman, Managing Director of Small Business Lending at Start Up Loans, highlighted the program’s commitment to supporting entrepreneurs of all ages, emphasizing that individuals can pursue their business ambitions at any stage of life. Start Up Loans offers loans of up to £25,000 at a fixed interest rate of 6% per annum, along with 12 months of free business mentoring.

Overall, Start Up Loans’ milestone underscores the growing trend of entrepreneurship among older individuals and the program’s role in facilitating their business ventures, contributing to economic growth and innovation.

Read more:
Huge boom in over 50 year old entrepreneurs with Start Up Loans providing over £140m of finance to fulfil start up dream

0
FacebookTwitterGoogle +Pinterest
previous post
The government has made little progress on tackling UK’s e-waste nightmare
next post
Sunak faces anger over new gas-power strategy for ‘backing up renewables’

You may also like

Aston Martin poised for £1bn Verstappen coup in...

January 16, 2025

Survey reveals over three-quarters of UK business leaders...

April 13, 2023

Independent online retailers fear loss of prime Christmas...

December 12, 2022

Made in Britain: Male grooming brand, Baldape

August 25, 2022

British Driverless Car Start-Up Secures $1 Billion Funding

May 7, 2024

2 million people to receive free AI training...

November 28, 2023

Millions of UK tourists could face new visitor...

November 25, 2024

Train cancellations in the UK have hit their...

November 21, 2022

Aito secures €6m for haptic solutions

July 4, 2023

Banks reining in SME lending according to new...

May 10, 2023

Aston Martin poised for £1bn Verstappen coup in...

January 16, 2025

Survey reveals over three-quarters of UK business leaders...

April 13, 2023

Independent online retailers fear loss of prime Christmas...

December 12, 2022

Made in Britain: Male grooming brand, Baldape

August 25, 2022

British Driverless Car Start-Up Secures $1 Billion Funding

May 7, 2024

2 million people to receive free AI training...

November 28, 2023

Millions of UK tourists could face new visitor...

November 25, 2024

Train cancellations in the UK have hit their...

November 21, 2022

Aito secures €6m for haptic solutions

July 4, 2023

Banks reining in SME lending according to new...

May 10, 2023

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Trump warns Rand Paul he’s playing into ‘hands of the Democrats’ with ‘Big, Beautiful Bill’ opposition

      June 1, 2025
    • White House urges Iran to accept nuclear deal as IAEA reports uranium enrichment spike

      June 1, 2025
    • Israel hostage deal in doubt as Hamas adds demands, US envoy calls terms ‘unacceptable’

      May 31, 2025
    • Iran condemns Austria over report on advanced nuclear weapons program

      May 31, 2025
    • Michelle Obama facing backlash over claim about women’s reproductive health

      May 31, 2025
    • Hamas agrees to release 10 more hostages

      May 31, 2025

    Categories

    • Business (8,105)
    • Investing (2,000)
    • Politics (15,453)
    • Stocks (3,119)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved