The entrepreneurial spirit is alive and well in the United Kingdom. If you need further proof of that, consider this: Start-Up Loans Company has underwritten more than 50,000 loans that have funded start-up and new businesses since its inception in 2012.
The company recently named the most entrepreneurial cities in the UK, and it should not surprise anyone that London came in first on the list. Businesses owners in the capital city received £100 million in start-up funding from the company. Birmingham came in second. Entrepreneurs there received £9.2 million pounds; Liverpool closed out the top three at £4.9 million. Sheffield ranked fourth at £4.7 million and Manchester came in fifth at £4.4 million.
In all, 17,359 businesses spread across London, Birmingham, Liverpool, Sheffield and Manchester and in excess of 58,000 from around the UK have benefited from the low-interest loans which have been backed by the government for six years.
Ensuring that start-up businesses are successful is important for several reasons. Small businesses pay taxes and employ people who pay taxes, both of which drive the nation’s economy. Those tax dollars also pay for government services that all UK citizens expect and count on.
Liverpool business owner Robert Parry is one of the entrepreneurs who has benefited from the program. He used the loan to establish RLP Guitars in 2014 and to cover cash flow and other expenses during his first months in business. He also used the funding to grow his customer base and to improve his operating methods. RLP Guitars now has a presence on social media, along with a website. Parry counts among his customers both seasoned and amateur musicians, collectors, and guitar enthusiasts. He credits the loan for helping him turn his dream of owning his own business into reality and hopes to continue to expand over time.
A Start-Up Loans Company spokesperson said it was great to see that Liverpool is ranked in the top five most entrepreneurial cities in the UK and that it is a testament to the number of would-be business owners who call the city home.
The spokesperson added that start-up businesses are an important part of the nation’s economy and in addition to providing financing, the company also mentors new business owners in an effort to improve their chances of success.
As the UK prepares for an uncertain future across many markets and in many fields, strong support and steady resources for entrepreneurs and their goals is not only appreciated but admired.