£100 million support delivered to back next generation of small business owners
15,000 Start Up Loans worth over £100 million have now been issued to young business founders aged 18-24.
The government backed scheme, ran by the British Business Bank has delivered over £1 billion in loans to SMEs across the country since the scheme launched in 2012.
The scheme provides invaluable support to young entrepreneurs who are looking to set up a small business – a group which often struggles to get business finance from other sources – and offers an effective pathway into employment, with almost a third of recipients aged 18-24 leaving unemployment thanks to this scheme.
Business owner Cory Hibbin, aged 20, is one of the recipients of a Start Up Loan. He took out a £14,500 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.
Richard Bearman, Managing Director, Small Business Lending, British Business Bank said:
”Cory doesn’t live with family or have any financial support from them so his aspiration of setting up Techie Services would not have been possible without the help of the bank’s funding.”
Find out more about the Start Up Loan Scheme.