FINANCE
British Business Bank provides £ 7.5 million of loans to South West entrepreneurs since 2012
Start-Up Loans , part of the British Business Bank , has announced that it has provided more than £ 100m worth of funding to business owners aged between 18-24 years old , equating to more than 15,000 loans since the programme launched in 2012 .
Of that national total , £ 7.5m of funding has been provided to 1,008 young entrepreneurs in the South West , with Devon , Cornwall and Gloucestershire ranking as the most entrepreneurial counties in the region based on the number of loans provided , and Dorset and Somerset not far behind .
By county , Devon had the highest number of young entrepreneurs receiving a Start Up Loan at 248 , followed by Gloucestershire at 143 and Cornwall with 140 . Dorset and Somerset followed closely behind with 139 and 134 respectively . 91 loans were made to under 25s in Wiltshire .
Of those to receive a Start-Up Loan across the UK , the most popular industries to launch a business in include retail (£ 8.5m ), hospitality (£ 5.8m ) and arts and entertainment (£ 2.5m ).
The funding milestone comes as the Start Up Loans programme launches a new information campaign aimed at students considering entrepreneurship as a career option so they can make their business dreams a reality . The advertising campaign is running across 54 UK cities , and students simply need to scan the QR code on posters and screens around their college and university campuses and surrounding area to access the information .
The Start Up Loans programme helps people start or grow their business and is part of the government-owned British Business Bank ’ s remit to making finance
Leading accountancy firm grows presence in the region markets work better for smaller businesses . They can borrow up to £ 25,000 at a fixed interest rate of 6 per cent per annum and repay the loan over one to five years . The programme also provides 12 months of free business mentoring .
New data shows that the programme ’ s impact has been particularly noticeable among young entrepreneurs from across the UK , with 16.5 % of all loan recipients aged 18-24 being unemployed before they got their loan .
Of all the loans distributed to entrepreneurs under 25 , 39 % have gone to female business owners and 24 % to business owners from ethnic minority backgrounds .
Steve Conibear , UK Network Director South West at the British Business Bank , said , “ It ’ s amazing to see people in their late
For the last 120 years Monahans has been proudly serving businesses in the South West , building our reputation as the go-to firm of chartered accountants and business advisers for the region , whilst also expanding our national and international reach . teens and early twenties with such ‘ can-do ’ attitudes and motivation to achieve success in working life .
“ Our £ 100 million funding milestone is a significant landmark and testament to the hard work of Start Up Loans and its business support partners , in giving people with a good business idea , no matter their age , the chance to access the funding needed to bring it to life . We ’ re determined to keep backing aspirational young people with money and mentoring .”
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But if the last couple of years have taught us anything , it ’ s that we cannot be complacent . As part of our commitment to helping our clients achieve their ambitions , we are always looking for opportunities to enhance the service that we offer .
In the latest development , we have secured significant investment from ‘ business champions ’ Sumer Group Holdings Ltd , which will help to fuel our presence in the region .
Sumer Group , a fast-growing professional services firm , is dedicated to championing SMEs and chose Monahans as the founder firm to kick-off its mission to empower businesses and help local communities prosper financially . The firm has since gone on to invest in seven other firms across the UK .
Whilst our day to day will very much be business as usual , this partnership is set to supercharge our offering . For one , we are now proudly part of one of the top 15 mid-market accountancy firms in the UK , employing over 1,000 people in more than 40 offices around the country .
But it also allows us to expand our range of expertise as we acquire other firms in the region . And this isn ’ t just hot air , we have already put this increased capital to good use by acquiring Swindon-based , family-owned accountancy practice David Starbuck Limited . The firm ’ s reputation is impeccable but , just as importantly , it also shares Monahans ’ vision and ethos , and will enable us to offer shared knowledge to businesses in the region .
The lesson here is that there is always room for growth . Part of our strength as a firm lies in our ability to recognise the importance of never standing still . We owe our success to being willing to adapt to the business environment around us , and ensuring that every choice we make enhances our long-term commitment to collaboration , innovation , and being a trusted business adviser in the South West .
This isn ’ t always easy , but our clients trust us to guide them through any hurdles with confidence , clarity , and commitment , and to make decisions with their best interests at heart , so that is what we will continue to do .
Powering future business growth
Monahans prides itself on being a local firm with international reach . We stay true to our commitment of being a trusted partner to our clients , helping them achieve their ambitions .
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