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.
