Following research that showed the region gained 11,000 businesses in 2019, data from Start Up Loans showed the government-backed programme for entrepreneurs provided more funding to the North West than any other UK region outside London.
Start Up Loans supported 8,366 new businesses in the North West, providing £65 million of funding in total. The North West outperformed the South East region, which received £52 million in funding, and is second only to the capital in both the number of start-ups supported, and the total lent.
Start Up Loans, part of the British Business Bank offers fixed-interest loans of up to £25,000 to entrepreneurs who may struggle to otherwise access other forms of finance. Since the government-backed scheme was established, 66,435 new business owners have accessed £527 million across the UK, as well as received 12 months of free mentoring during their first year of trading.
One start-up in the North West to benefit from the funding was Little Legends, which provides football training for young children through nurseries, schools and clubs, which was launched with a £5,000 loan. Founder, Christopher Hughes, said:
Football is my passion and thanks to Start Up Loans I was able to turn my dream of teaching football as a career into a reality. The success of Little Legends shows that if you believe in your idea, work hard and get the right support, you can achieve your goal.”
Richard Bearman, Managing Director of Start Up Loans, said:
Start Up Loans exists to help people like Christopher gain access to the funding and support they need to start a business. What Christopher has achieved with Little Legends is fantastic and we are proud to have played a part in helping him and so many others across the North West to realise their ambition of business ownership.”