From kids’ soft play centres to luxury golfing escapes and mobile gaming firms to artisan pie shops, the British Business Bank has been playing a central role in helping turn Northern Ireland’s entrepreneurial spirit into reality.
For its Start Up Loans programme has reached a major milestone of deploying more than £20 million to 2,034 local business owners in the region, helping them launch and grow their companies.
The most popular local authority for Start Up Loans is Mid-Ulster with 350 loans, followed by Belfast with 338, then Fermanagh & Omagh with 242. In each of Newry Mourne & Down and Armagh City, Banbridge & Craigavon, 234 loans were issued.
In Northern Ireland, a high percentage of the finance went to under-represented groups and those who would otherwise struggle to find finance to start a business.
The British Business Bank has lent £20 million to more than 2,000 entrepreneurs in Northern Ireland under its Start Up Loans scheme (Gareth Fuller/PA)
Some 12% of borrowers were under 25, and within that group 32% were not in education, employment or training. 20% of borrowers were unemployed.
The Start Up Loans programme (www.startuploans.co.uk), while operating with a commercial focus, exists to help open up the finance market to underrepresented groups, who might otherwise struggle to access finance, so they can start viable businesses.
Among those to have benefitted from the scheme is Norman Allen, owner of Dirty Harry’s Specialist Cleaning Services NI, who said the Start Up Loan he took was the catalyst for kick-starting his new niche business – crime scene cleaning.
He said: “We took two loans, with the first one helping me put a van on the road while the second one was used for cashflow and the day-to-day running of the business.
“The mentoring element has also been very beneficial. There are a number of areas you can receive mentoring in such as marketing, but as someone new to running a business my mentoring has been centred on building up my skills as a business owner.
“I’m glad I took the plunge. Being your own boss is extremely satisfying and the control I now have over my time is really pleasing. There’s lots of hard work and I’m responsible for every element of the business, but I wouldn’t swap it.”
British Business Bank’s devolved nations director Susan Nightingale
British Business Bank’s devolved nations director Susan Nightingale said: “Start Up Loans has the power to help people fulfil lifetime ambitions, and Northern Ireland has great entrepreneurial spirit, with many people harbouring aspirations of being their own boss.
“It’s encouraging to see this £20 million milestone being surpassed and it’s pleasing to see loans being issued right across Northern Ireland.
“If you are thinking about starting your own business, the British Business Bank is committed to helping you access the right finance to start up and scale up.”
Start Up Loans works with Enterprise Northern Ireland to reach businesses in need of start up finance and support.
Michael McQuillan, chief executive of Enterprise NI, said: “The success of the Start Up Loans programme in Northern Ireland is a testament to the resilience, creativity, and determination of our local entrepreneurs.
“We’re proud to play a role in delivering this vital support, helping thousands of individuals turn bold ideas into thriving businesses.
“Surpassing the £20 million milestone is not just a financial achievement – it’s a clear signal that the entrepreneurial spark is alive and well in every corner of Northern Ireland.”
Secretary of State Hilary Benn, said: “I’m delighted that 2,000 local businesses in Northern Ireland have now benefited from this scheme, which sits alongside the British Business Bank’s £70 million Investment Fund for Northern Ireland, which has supported economic growth by backing innovation and creating opportunities for new businesses across Northern Ireland.
“The UK Government is committed to working with the NI Executive so that these businesses have the help they need to develop even further.”