The British Business Bank is urging older people with great business ideas to get in touch after celebrating £140m of loans to older entrepreneurs.
The bank’s Start Up Loans arm today said it had provided more than £140m of loans to 海角视频 entrepreneurs aged over 50 since its inception in 2012. It made 13,422 loans, at an average of £10,427.
It says more than £16.1m has gone to business owners aged 50+ in the North West. Some 1,549 loans were issued to businesses, with an average loan amount of £10,457.
In the region, £7.2m has been lent since the first Covid-19 lockdown in 2020, across 524 individual loans. The average loan value per business is £13,746 – up almost £3,000 on the four years before Covid, reflecting the additional challenges and costs since faced by businesses.
The bank says the loans represent “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 those to benefit from the loan system is Lisa Storey, who founded sustainable gift company EZ Hampers after a career in social work and nursing.
EZ Hampers sources sustainable goods from positive impact businesses, with products including crisps in 100% compostable wrappers and eco-conscious sugarcane bath products.
Lisa founded her business in an old chapel but found footfall was slow - so she applied for a Start Up Loan via GC Business Finance to get new business premises.
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She is now based in a canalside unit in Altrincham where people can visit to make hampers or buy individual products. She is also working with students from Manchester Metropolitan University to develop her marketing strategy, and plans to host networking sessions for underrepresented groups locally to encourage businesses to hire a more representative workforce.
Lisa said: “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, 海角视频 network director for the Midlands and North of England at 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.”
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