Yorkshire region crowned nation’s second biggest start-up hub

Credit: Shutterstock.com/ SFIO CRACHO

Yorkshire and The Humber has overtaken the West Midlands to become the UK’s most entrepreneurial region outside of London and the South East, according to new figures.

Data from The Start Up Loans Company shows that the Government-backed scheme has lent over £41 million to small businesses in the region since it launched six years ago, compared with £38 million for the West Midlands.

Yorkshire and The Humber was beaten only by London and the South East as the most entrepreneurial region in the UK.

According to the figures, the Start Up Loans Scheme has lent more than £114 million to start ups in the Capital and over £44 million to start ups in the South East.

The figures suggest that entrepreneurship is thriving in the region, with over 5,000 loans, averaging £8,000 each, issued to small business owners

“We’re delighted that we’re supporting so many aspiring business owners in Yorkshire and The Humber with our fixed rate of interest loans and mentoring schemes,” said a spokesman for The Start Up Loans Company.

“Successful businesses supported by The Start Up Loans Company are making a significant contribution to the UK economy. For every £1 lent, £3.30 is reinvested into the UK economy.

“It’s our mission to help as many new and early stage businesses in the UK as possible and we look forward to supporting many more aspiring business owners across the UK.”