Member Article

Start-Up Loans reach £1.5m milestone in North West

More than £1.5m has now been awarded to young people aged 18 to 30 in the North West from Business Finance Solutions (BFS).

The scheme, which was launched by the Prime Minister in January, is part of the Government’s Start-Up Loans project and has been granted to over 300 people from the North West so far.

Low interest loans have been awarded along with support and training to a wide range of businesses, from a digital book subscription service to a babywear store and dog grooming firm.

Student entrepreneur Andrew Cooper, who secured funding for his business at the beginning of April, commented: “For me, having my own business was really all I’ve ever wanted to do and having the support from BFS meant that I could make the leap with much more confidence and expertise behind me.

“I think we are seeing a new generation of entrepreneurs of people like me who see it as a much more natural thing to set up your own business and don’t take it for granted that someone else will give them a job for life.”

Loans between £2,500 and £10,000 have been given out, while across the country over 2,000 applicants have secured funding.

Paul Breen, director of BFS, commented: “The interest in the Start-Up Loans offer in the North West has been phenomenal and really highlights just how passionate these young people are about achieving their goals.

“Many of the recipients have been nurturing their business idea while at college or still in their day job and the support we’ve been able to provide has meant that they can take that all important first step and properly get their business off the ground.

“Some of the recipients are already employing people within their companies and many are also having a wider economic impact, using website designers, printers, shopfitters etc – all of which is contributing to the region’s economic recovery.”

This was posted in Bdaily's Members' News section by Miranda Dobson .