Alternatives to Uni: Young entrepreneurs can access £25k to set up shop
To mark exam results season, Start Up Loans, part of the British Business Bank, is encouraging young people to consider all of their options before making a decision on their next steps.
Start Up Loans provides fixed-interest (6%) loans of between £500-£25,000 to those wanting to start or scale up their business venture – ideal for those considering entrepreneurial pursuits over university.
So far in 2024, Start Up Loans provided over £2.1m worth of loans to young people aged 18-24, to help them launch or grow a business or side hustle.
Richard Bearman, managing director of Small Business Lending at Start Up Loans comments: “Results day is a nerve-wracking time for students, but an exciting opportunity to take stock and decide what’s next. Gen Z will be leading our future smaller businesses, and we all have a responsibility to provide them with the opportunities they need to thrive.
“Gen Z entrepreneurs may not have heard of Start Up Loans, but we’re committed to supporting younger business owners who need help getting their idea off the ground. I urge any student who feels sure they want to go into business, to take a look at the support that the programme can provide, which includes mentoring and other post loan support.
“Start Up Loans was set up to support people who would otherwise struggle to access finance and to help underrepresented groups start up businesses. We’re proud to have supported over 15,400 young entrepreneurs aged 18-24, with more than £100m, since 2012.”
One example of a young person who opted for business ownership over completing a university degree is Blake Bentley, founder of Birmingham-based The Scran Man.
He commented: “Starting my own business has been an incredible learning curve. It’s taught me resilience, adaptability, and the importance of a clear vision. Every day presents a new challenge, but also an opportunity for me to grow both personally and professionally. Securing a Start Up Loan was fundamental in providing me with the financial means to follow my ambition.”
Cory Hibbin, founder of Techie Services, said: “I’m not the sort of person who can take on learning from behind a desk so I left school at 16 to do an apprenticeship with a local IT consultancy company. While working there, I was working on the side in the evenings and at the weekends.
“Having been there for four years, I felt like I had gained enough experience to start my own company, which is when Techie Services began. I started with one large client, who quickly recommended me to other businesses and individuals, so I took on five new clients in our first six weeks.
“It hasn’t been easy but it’s the best decision I’ve ever made. The money from Start Up Loans was invaluable in the success of the business – I used it to buy tools for installations as well as supplies for the office. While it might seem a big leap of faith to some people, you can’t let the fear of failure stop you from trying in the first place. I urge anyone 18 or above to look into the finance options available to them if they need a hand getting off the ground.”
