£7m start-up loans delivered in the East Midlands

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 £7m has gone to business owners over the age of 50 in East Midlands. Almost 700 (699) loans have been issued to businesses, with an average loan amount of £11,284.

Start Up Loans has delivered more than £13m worth of loans nationally to the over 50s in the financial year running 1 April 2023 – 31 March 2024. This represents a significant contribution to national efforts to encourage people aged 50+ back into work through a variety of initiatives designed to help stimulate economic growth.

Case Study - Bliss Retreats, Derbyshire

Bliss Retreats, based in Derbyshire, is a wellness retreat location offering various practices such as Yoga, Breath Work, Sound Healing, Mindfulness, Meditation, Chakra Dancing, Crystals, etc. Fostering mindfulness and wellbeing through retreat days, workshops and corporate away days to reset and recharge mind, body and spirit.

Joanne Jepson, Director at Bliss Retreats founded the business in 2023, to create a safe space to provide grounding and relief to people experiencing various levels of poor mental wellbeing, feeling overwhelmed by life, or just looking to balance their hectic lifestyles allowing them to relax, recharge, refresh and reconnect.

Her Start Up Loan was delivered by the programme’s national partner, BizBritain.

Joanne Jepson, Founder/Director at Bliss Retreats commented: “Everyone needs to take a break now and then; life’s hectic demands can prevent us from paying attention to our body, mind, and soul. That’s why Bliss Retreats offer a secure sanctuary, providing an opportunity to re-establish a connection while enjoying some much-needed time off.

“The British Business Bank and its partner BizBritain have been a great help in getting this business idea fully realised. We have made great strides already and are looking forward to all the people our business is going to be able to help.”

Sophie Dale-Black, UK Network Director for the Midlands and North of England, Start Up Loans said: “As Joanne 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. It is interesting to note the high proportion of the funding during and after the pandemic, suggesting that many people of 50+ re-evaluated and took action to pursue their business ambitions.”

The Start Up Loans programme helps people start or grow their businesses 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 cent per annum and repay the loan over one to five years. The programme also provides twelve months of free business mentoring.

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