UK (Commonwealth) _ According to the British Business Bank’s Start Up Loans initiative, the South West has emerged as a hotspot for UK entrepreneurs over 50. Since the project began in 2012, the bank claims to have given out loans totaling more than £140 million to people over the age of 50 who wish to establish a business across the country.
More than £14.78 million has been allocated to particular population in the South West. Outside of London and the South East, the South West has the second biggest number of loans by value, with Devon, Somerset, and Cornwall emerging as the top three counties for over 50 entrepreneurship in the area.
Notably, nearly £7 million (out of the £14.78 million mentioned) has been provided in the South West since the initial Covid-19 closure, totaling 532 loans. The average loan value per firm during this time period was £13,246, up more than £3,000 over the four years preceding the pandemic’s breakout.
Steve Conibear, the UK Network Director South West at the British Business Bank, said it was “interesting” to see the high share of financing during and after the epidemic, implying that many individuals over 50 “re-evaluated and took action to pursue their business ambitions”.
Jilly Russell, 62, is one such entrepreneur from the region who will launch her own pottery studio on Dartmoor in 2023 with the support of a £15,000 Start Up Loan after 30 years of teaching. Jilly appreciates British Business Bank’s Start Up Loans initiative for helping her dream come true.
The loan served as a safety net, ensuring she had enough funds to cover any unforeseen expenditures while setting up the studio. I truly needed the financial assistance as a buffer, and I’m delighted it came through when it did,” she added, explaining how the money was used to renovate the studio and purchase a new kiln.
Vessel Ceramics also features six pottery wheels and all of the tools required for hand construction and throwing. Simon Baker, 51, quit his managerial position to follow a boyhood love and retrained as a fishmonger. He will open his Lyme Bay Seafood firm in Colyton, east Devon, in 2021. He just asked for a £15,000 start-up loan.
Despite growing up in north-west London, miles from the water, he had a strong interest in fish and seafood from a young age. His firm currently handles fresh fish and shellfish sourced directly from local fishermen and suppliers, as well as the two local markets in Brixham and Plymouth.
Simon and his wife Monica then use their processing facility to cook the fish in a number of ways.The seafood can then be purchased straight from the facility or delivered to nearby clients. That’s what I like the most: interacting with clients, he explained.
My wife and I had previously worked for international corporations or family-owned enterprises, but now we have complete control over our work. I would advise other people my age who are considering about establishing a business to at least consider it.
The Start Up Loans initiative is part of the owned by the government British Business Bank’s mission to improve financial markets for smaller firms. Borrowers can borrow up to £25,000 at a fixed annual interest rate of 6% and payback their loan over one to five years.
The program also includes 12 months of free business mentorship. Conibear remarked, “As Jilly and Simon show, you can pursue your business goals at any age.” That is why we invite anybody with a solid company concept to contact us and find out how the Start Up Loans programme may help make it a reality. The British Business Bank has announced the £200 million South West Investment Fund to support small firms in the South West of England.
The South West Investment Fund (SWIF) offered much-needed capital to small and medium-sized enterprises throughout the South West area, including Bristol, Cornwall, the Isles of Scilly, Devon, Dorset, Gloucestershire, Somerset, and Wiltshire.
The fund expanded the availability and diversity of early-stage financing for new and expanding small firms for a variety of goals, including expansion, product or service innovation, and the development of new processes, skills, or capital equipment. It provided a variety of commercial financing alternatives, including loans ranging from £25,000 to £2 million and equity investments of up to £5 million.
