Start Up Loans, part of the British Business Bank, today announces that it has delivered more than £140m of loans to UK entrepreneurs aged 50+ since its inception in 2012. The programme has supported 13,442 loans, at an average of £10,427.
Of these loans, more than £21m has gone to business owners over the age of 50 in London. 2,320 loans have been issued to businesses, with an average loan amount of £9,253 per business.
Start Up Loans is on course to have delivered almost £20m worth of loans nationally to the over 50s in the financial year running 1 April 2023 – 31 March 2024. This represents a significant contribution to national efforts to encourage people aged 50+ back into work through a variety of initiatives designed to help stimulate economic growth.
Nationally, almost half (£64m) has been delivered since the first Covid-19 lockdown, with 4,664 issued since April 2020 with a value of £63,928,454, reflecting an average of £13,707 per business. That’s an average increase of more than £2,600 compared to the four year period before Covid-19, reflecting the difficult operating conditions businesses have been facing.
In London, £10m has been delivered since the first Covid-19 lockdown, providing a total of 722 loans. In this period, the average loan value per business is £13,878 – compared to £9,568 in the four year period before Covid-19 – an increase of more than £2,300.
Eduardo Barreto is one of the business owners over 50 who sought finance to develop his business. He received a £10,000 Start Up Loan in October 2023, using it to help produce a show at The Arcola Theatre for his Bermondsey-based production company, Boy Next Door.
Eduardo said, “I founded the company four years ago, but it had a slow start due to a health incident. Now that I’m well again, the funding has enabled me to get back to doing what I love most – producing successful shows.
“It wasn’t only the loan that was important to me, however – Start Up Loans introduced me to Giuseppe, my business mentor and my rock. I wouldn’t have succeeded in my application without him, so I am eternally grateful.
“To anyone else of a similar age thinking about starting their own business, my advice would be to find something you are passionate about and go for it. Keep your left foot in dream world and your right foot in the real world and you’ll find the balance needed to succeed.”
Richard Bearman, Managing Director of Small Business Lending at Start Up Loans, said, “As Eduardo demonstrates, you can further your business ambitions at any age.
“It’s why we encourage anyone with a good business idea to get in touch and learn more about how the Start Up Loans programme might be able to help turn it into reality. It is interesting to note the high proportion of the funding post-pandemic, suggesting that many people of 50+ re-evaluated and took action to pursue their business ambitions.”
