Women almost 40% of new businesses funded by Start Up Loans Company

 

Almost 3,000 British women launched their own business this year with help from the Start Up Loans Company with many of these in the 30s.

The government-backed scheme’s internal data shows that women founded almost 40% (2,916) of the over 7,000 new ventures since January. This is compared with ONS figures, which show that nationally only 24% of businesses aged 0-1 years are female-led.

According to the Start Up Loans Company figures, women in their 30s were most likely to set up a business with 27% of those aged 31-39 doing so.

Over a quarter of these businesses were established by women aged 25 – 30, followed by more than a fifth started by businesswomen aged between 40 and 49 years.  Some 12% of those aged 50 and over set up their own company and the same percentage goes for 18-24-year-olds.

London was the Company’s capital for female-led business with a quarter of these new firms being established there, followed by the South West and the North West.

According to internal data from the Start Up Loans Company, 40% of new businesswomen were previously unemployed. A further 26% were already self-employed and 32% left their full- and part-time jobs to start up their own business.

A separate study carried out on behalf of the Start Up Loans Company earlier this year also revealed that there are almost eight million employed women thinking about setting up their own business.

Tim Sawyer, CEO at the Start Up Loans Company, said: “We are delighted to see more and more women successfully establishing new businesses.

“We met women with different reasons for starting a new company, from overcoming unemployment, fulfilling their dreams to turning their hobby into a business.

“However, having a company doesn’t only fulfil your dreams but also help others. Our figures show that 1.3 jobs are created by every one of the loans issued to a growing company, which is very satisfying.”



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