Ageless ambition

Start Up Loans, part of the British Business Bank, today announces that it has delivered more than £140m of loans to UK entrepreneurs aged 50+ since its inception in 2012. The programme has supported 13,422 loans, at an average of £10,427.

Of these loans, more than £1.6m has gone to business owners over the age of 50 in Northern Ireland. 168 loans have been issued to businesses, with an average loan amount of just over £9,500.

In Northern Ireland, more than £635,000 has been delivered to over 50s entrepreneurs since the first Covid-19 lockdown, meaning nearly four in ten (39%) of Start Up Loans in Northern Ireland to this age group have been issued in the period since the pandemic started.

Start Up Loans has delivered more than £13m worth of finance across the UK to the over 50s in the financial year running 1 April 2023 – 31 March 2024.

This represents a significant contribution to UK-wide efforts to encourage people aged 50+ back into work through a variety of initiatives designed to help stimulate economic growth.

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Alison McAtamney said: “Starting my new business will be the fulfilment of a lifelong goal.

“For some women midlife can be a challenge and they can often feel invisible. But I have gone through all that and at 55 I am feeling positive and ready to embrace the challenges of launching my own business.

“The British Business Bank’s Start Up Loans, delivered via their partner Enterprise Northern Ireland, caught my eye due to the 6% interest rate and I have been very impressed. There are steps along the way to launching a new business which can fill you with nerves, but I have felt supported by the Bank and its partner at every step of the way.”

Susan Nightingale, Director UK Network Devolved Nations, said: “As Alison demonstrates, you can further your business ambitions at any age. It’s why we encourage anyone with a good business idea to get in touch and learn more about how the Start Up Loans programme might be able to help turn it into reality.”

The Start Up Loans programme helps people start or grow their business and is part of the government-owned British Business Bank’s remit to making finance markets work better for smaller businesses. They can borrow up to £25,000 at a fixed interest rate of 6% per annum and repay the loan over one to five years. The programme also provides 12 months of free business mentoring.

If you would like to learn more about Start Up Loans support, visit: https://www.startuploans.co.uk/

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