Government-backed loans of 拢5.6m have been given to young entrepreneurs in the North East since 2012, but the region lags behind other parts of the country on several measures.
New figures from the Start-up Loans programme, which is part of the British Business Bank, show 18-24 year-olds in the region have received 854 loans in the past 11 years - the third lowest of 12 海角视频 regions and nations behind Wales and Northern Ireland. But measured per head of population the region languishes bottom of the table.
Of the 拢110m lent nationally, London secured the largest proportion at 拢23.3m and the largest per head of population, while the North East's near neighbours in Yorkshire and Humber secured 拢9.1m and the North West 拢14.4尘.
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The Start-up Loans programme offers personal loans of up to 拢25,000 at a 6% fixed interest rate per year with repayments taking place over one to five years. Funding often comes with the opportunity for a year's worth of mentoring and business support services.
The figures, compiled since the programme's 2012 launch, also include a breakdown of money going to different constituencies in the North East. They show Newcastle upon Tyne East received the highest value of loans at 拢325,170, followed by Tynemouth at 拢310,732 and Middlesbrough at 拢295,521.
Sophie Dale-Black, 海角视频 network director for the Midlands and North of England, British Business Bank said: 鈥淚t鈥檚 amazing to see people in their late teens and early twenties with such 鈥榗an-do鈥 attitudes and motivation to achieve success in working life. Our 拢100m 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鈥檙e determined to keep backing aspirational young people with money and mentoring.鈥
Now, the British Business Bank has launched a marketing campaign to encourage students to consider entrepreneurship. The poster and screen-based campaign will feature in 54 海角视频 cities, including at Northumbria University student halls, Newcastle University Students' Union ,South Tyneside College and Tyne Metropolitan College.
Kevin Hollinrake, Small Business Minister, said: 鈥淓very large firm started off as a small business and today鈥檚 aspiring young entrepreneurs could be the next success story. I urge them to explore how a Start Up Loan could launch their ambitions today. Through the British Business Bank, and the Help to Grow campaign, we鈥檝e backed the next generation of business leaders with over 拢100m in government backed finance and we鈥檙e not stopping there.鈥
