The Start Up Loans Company delivers £8 million to micro-businesses in the city
Birmingham is home to a growing number of entrepreneurs, according to new figures from the Start Up Loans Company, which show that its scheme has lent over £8 million to small businesses in the city since it launched seven years ago.
The figures suggest that entrepreneurship is thriving in the area, with over 1,300 aspiring business owners turning to the Government-backed scheme to help realise their ambition of becoming their own boss since 2012.
One of these business owners was Lyndsey Tidmarsh, who set up the West Midlands Nail and Beauty Academy in The Custard Factory, Birmingham, in 2015 after receiving a £6,500 loan from the Start Up Loans Company. The business provides training for budding nail and beauty therapists and aims to help its students secure the best opportunities in the beauty industry.
Prior to launching the academy, Lyndsey worked at two colleges in Wolverhampton and Birmingham teaching beauty and nail therapy, but she decided she needed a new challenge and applied for a start-up loan to set up her business.
Since receiving the funding, the Academy has gone from strength to strength with 16 of its pupils winning awards in national and regional competitions, and students coming from as far as Tenerife to train at the Academy.
The Start Up Loans Company scheme is a government-funded scheme which provides low-interest loans and mentoring support to aspiring business owners across the UK who might be struggling to access other forms of finance.
Since the scheme was set up in 2012, it has lent over £450m to aspiring business owners, providing 59,000 loans to people across the UK from all walks of life.
In addition to providing finance, the scheme offers a dedicated mentoring service to every loan recipient to help them with every aspect of setting up a business, from writing their business plan to marketing.
Lyndsey Tidmarsh, the founder of the West Midlands Nail and Beauty Academy said:
“Nail and beauty therapy has always been a passion of mine, and with the help of the Start Up Loans Company I have been able to fulfil my dream of starting my own business.
“The mentoring I received from the Start Up Loans Company scheme was fantastic, and really helped me get my business off the ground. Since receiving my loan, we have tripled the size of our studio and now employ five part-time staff members with plans to expand in the future.”
A spokesperson for the Start Up Loans Company said:
“It’s fantastic to hear success stories like Lyndsey’s. Start-ups are a critical part of our economy and we’re delighted that so many people are starting their own businesses with the help of our low-interest loans.
“Setting up a business can be tough, which is why along with our scheme’s financial support, we offer all Start Up Loan recipients free mentoring to ensure they are supported along their journey. It is our aim 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 in Birmingham.”