Sustainable Business Support for Older Entrepreneurs
British Business Bank Urges Older Entrepreneurs to Apply for Funding after £140M Invested in Over 50s Businesses
The British Business Bank (BBB) is encouraging experienced individuals with innovative business ideas to apply for startup funding, as it celebrates investing over £140 million in businesses launched by entrepreneurs aged 50 and above. Since its inception in 2012, the BBB’s highly successful Start Up Loans program has provided more than 13,400 loans totaling this substantial amount to UK founders in their 50s or older.
Regionally, over £16 million has gone to established individuals in North West England seeking to turn their vision into a reality. Nearly 1,550 loans averaging £10,457 each have been issued to fuel entrepreneurial spirit across the region. In fact, over £7.2 million has been lent to resilient business owners there alone since the first COVID-19 lockdowns began in 2020.
One recipient of support is Lisa Storey, a social worker and nurse who successfully pivoted later in life to launch her eco-friendly gift company EZ Hampers. By securing a Start Up Loan, Lisa was able to expand operations into a new canalside premises in Altrincham, attracting more footfall and collaborating with students on innovative marketing strategies. She hopes to grow her team and foster inclusion by encouraging underrepresented groups to pursue entrepreneurship too.
Dr. Sophie Dale-Black, UK Network Director at Start Up Loans, commented that “as Lisa demonstrates, ambitious plans can become reality at any stage”. Citing high loan volumes during the pandemic, she noted many experienced individuals likely reevaluated their potential while also facing new economic challenges – prompting record numbers to take the plunge into business ownership with BBB support.
