16.1 C
Manchester
Wednesday, September 17, 2025
FinanceNorth West start-ups secure £16.6 million boost

North West start-ups secure £16.6 million boost

North West companies received £16.6m of Start Up Loan funding from the British Business Bank last year.

The local authority areas within the North West whose businesses received the highest value of loans included Manchester, Cheshire East, Liverpool and Wirral.

New data from the bank reveals that in the 2023/24 financial year, it provided 1,269 businesses in the North West with funding.

Within the North West region, Greater Manchester has been dubbed the most entrepreneurial place outside of London, after the Bank announced it provided almost £7m worth of Start Up Loan funding to businesses across Bolton, Bury, Manchester, Oldham, Rochdale, Salford, Stockport, Tameside, Trafford and Wigan.

Funding to entrepreneurs in the Manchester local authority area was distributed to 143 businesses, with an average loan of £13,565.

Cheshire East followed closely behind, with more than £1.3m being provided to 91 businesses – an average loan of £14,658 per business.

North West businesses receiving a Start Up Loan this year, included sustainable subscription services platform, Wuva, ecological consultants Evelyn Ecology, and award-winning dessert business Layers Treats.

Matthew Ridd, co-founder of Wuva, said: “Through the Start Up Loan programme and with support from Virgin StartUp, we’ve not only gained financial freedom to invest properly in the growth of Wuva, but it has also connected us with invaluable business resources and networks.

“This support has been transformative. It has propelled us towards our vision of redefining consumption for the next generation where you can rent the functionality of an item. Going forward, consumerism must be sustainable, and Wuva is the first step in achieving that, offering consumers the option to swap and cancel items when they don’t need them.”

Delyth Edwards, senior network manager for the North West at the British Business Bank, said: “I am incredibly proud of the impact the Start Up Loans programme is having on businesses in the North West.

“The 2023-24 financial year was Start Up Loans’ best ever in terms of the amount of financing provided to business owners based in the North West, and we want to continue to support businesses in the region. More than that, we want to help founders overcome barriers that may emerge when accessing finance and to help underrepresented groups who may otherwise struggle to start a business.”

The Start Up Loans programme offers loans of up to £25,000 at a fixed interest rate of 6% per annum, to be repaid over one to five years. It also offers 12 months of free business mentoring and support to successful applicants.

Helen Greaney
Helen Greaney
I'm a journalist with more than 18 years' experience on local, regional and national newspapers, as well as PR and digital marketing. Crime and the courts is my specialist area but I'm also keen to hear your stories concerning Manchester and the greater North West region.
Latest

The green fleet: Sourcing affordable EVs at car auctions

The used electric vehicle market is experiencing unprecedented growth across the UK, with government data showing that zero-emission vehicles accounted for 20% of all new car...

Timberwise Boss Reveals Five Costly Issues Buyers of Older Homes Should Know

A leading voice in property care has revealed the five most widespread and expensive issues that often arise when people purchase older homes. George Edwards,...

K2L Marketing Strengthens Global Footprint with New Offices in Dubai and Illinois

Manchester-based performance marketing agency K2L has announced the opening of two new international offices, one in Dubai and the other in Illinois, USA. This...

Choosing reliable vehicle financing for families in Manchester

When it comes to securing vehicle financing for your family, reliability is essential. Families need to consider the long-term impact of their financial decisions,...
Subscribe to our newsletter
Business Manchester will use the information you provide on this form to be in touch with you and to provide updates and marketing.
Don't miss

Appy Pie Unveils Snappy 2.5: A Faster, Smarter Website Builder Designed Around User Feedback

Appy Pie has introduced Snappy 2.5, the latest upgrade to its website builder, developed in direct response to long-standing user feedback. This release focuses...

FREESMO Leads the Way with Smarter Smoke-Free Choices Through Trusted Questionnaire

As the smoke-free sector continues to grow and diversify, FREESMO is highlighting the importance of its Smoke-Free Questionnaire – a tried and tested tool...

The green fleet: Sourcing affordable EVs at car auctions

The used electric vehicle market is experiencing unprecedented growth across the UK, with government data showing that zero-emission vehicles accounted for 20% of all new car...

K2L Marketing Strengthens Global Footprint with New Offices in Dubai and Illinois

Manchester-based performance marketing agency K2L has announced the opening of two new international offices, one in Dubai and the other in Illinois, USA. This...

More News

Choosing reliable vehicle financing for families in Manchester

When it comes to securing vehicle financing for your family, reliability is essential. Families need to consider the long-term impact of their financial decisions,...

Why more UK homeowners are delaying their next move

The UK housing market has entered an unprecedented period of stagnation, with transaction volumes plummeting to levels not seen since the financial crisis of...

Evlo and Moneyline Collaboration Offers Lifeline to Financially Vulnerable Borrowers

UK consumer lender Evlo has confirmed a strategic partnership with Moneyline to improve access to affordable finance for non-prime applicants, particularly during periods of...