£5m of Start Up Loans benefits Hull’s smaller businesses
The British Business Bank’s Start Up Loans programme has injected more than £5m into Hull’s start-up business community since its launch. This boost came from 639 loans issued to local entrepreneurs, giving them the financial backing they need to launch and grow their ventures. As well as financial backing the programme also offers post loan support, such as mentoring.
The Start Up Loans programme has a focus on uplifting diversity and supporting groups traditionally underrepresented in accessing business finance. In Hull, female founders accounted for 36% of all loan recipients, while people aged 18–24 made up 19% of those supported.
The programme has also had a significant impact on helping people in the area return to work. More than a quarter (28%) of loan recipients were unemployed before launching their businesses. The effect is even more pronounced among young people, with nearly half (43%) of 18–24-year-olds supported through the programme classed as NEET (Not in Education, Employment or Training). This demonstrates how the programme is helping young people who may otherwise have struggled to find a foothold in work to build their own future through entrepreneurship.
Synclair’s Florist, based in Hull, received a £12,000 loan via Start Up Loans’ Business Support Partner, Business Enterprise Fund, to help cover the deposit on its first premises and purchase initial stock. After working on a flower stand for many years, owner Jayne saw first-hand the growing demand for house plants and floral arrangements, inspiring her to set up her own floristry.
Synclair’s Florist now sells everything from bespoke flower arrangements to unusual houseplants from around the world. With over three decades of experience in the industry, Jayne also offers advice on plant care.
Jayne Synclair, founder of Synclair’s Florist, said: “I’ve worked in floristry most of my life but opening my own shop still felt like a big leap. The Start Up Loan gave me the confidence to just go for it and so we took on an old butcher’s unit and transformed it into a bright, colourful florist in just a few weeks. It feels great to be part of the flourishing small business ecosystem here in Hull and to see customers coming in who are just as passionate about plants as I am.”
Small business minister, Blair McDougall, said:“The government is determined to unlock the UK’s immense growth potential and that means ensuring entrepreneurs can access the finance they need including through the Start Up Loans programme.
“This is an impressive milestone for the programme which has supported entrepreneurs and businesses in Hull, boosting the local economy and raising living standards.”
Louise McCoy, managing director, Start Up Loans Products, British Business Bank, said: “The Start Up Loans programme is having a fantastic impact supporting new businesses across Hull, helping people into work and strengthening the city’s entrepreneurial community.
“I’m particularly proud of the number of young founders we’ve been able to support, especially those who were previously classed as NEET. It shows how the programme is opening doors for people who often face the toughest barriers to getting started, providing them with a new route into employment.”