Start Up Loans provide £16.1 million boost to North West entrepreneurs over 50

Entrepreneurs aged 50 and over have secured more than £140 million in Start Up Loans from the British Business Bank since 2012, with more than £16.1 million going to those based in the North West.

The programme has supported 13,422 loans, at an average of £10,427. In the North West, 1,549 Start Up Loans loans have been issued to businesses, with an average loan amount of £10,457, slightly above the UK average.

Start Up Loans has delivered more than £13 million in financing nationally to the over 50s in the year from 1st April 2023 – 31st March 2024. This figure 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.

Among entrepreneurs over 50 based in the North West to have benefited from the Start Up Loans scheme is Lisa Storey (pictured), founder of Altrincham-based sustainable gift company, EZ Hampers. Lisa applied for a Start Up Loan via GC Business Finance to get new business premises and is now based canal-side in the town, where passers-by can visit the shop to buy individual products or make hampers.  Lisa commented:

“Most of my adult life was spent working in caring roles, but I realised I wanted to do more for people and the planet. I had the idea to set up EZ Hampers, so I could support local, sustainable businesses, whilst encouraging others to shop more sustainably at the same time. I noticed people were really receptive to the products we had on offer, and so I applied for a Start Up Loan through their partner GC Business Finance to support our move to a bigger location. 

“We’ve been able to expand our offering as a result, with customers able to buy our hampers online, or come into the shop and purchase products individually. My dream is to grow the team, encouraging underrepresented groups to apply. I look forward to continuing growing the business and having a positive impact on my community.”  

Dr Sophie Dale-Black, UK Network Director for the Midlands and North of England, Start Up Loans said:

“As Lisa 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 during and after the pandemic, suggesting that many people of 50+ re-evaluated and took action to pursue their business ambitions.”