25.4 C
Manchester
Friday, July 11, 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

Your Help Hub Extends Handyman Services Nationwide Amid Surging UK Demand

Your Help Hub, a fast-growing name in home maintenance and improvement, has launched its handyman services nationwide to better serve the needs of customers...

Reliable auto locksmith services in Manchester: Everything you need to know

Car keys are essential to our daily lives, yet they are more vulnerable than we might think. In the lively city of Manchester, where...

Hillbrush Debuts Tornado Broom Range for Tough Outdoor Cleaning Environments

Hillbrush has launched its innovative Hillbrush Tornado Range — a robust, modular broom system designed to raise the bar for strength, reliability, and outdoor...

Blaugranagram Partners with 101 Great Goals to Deliver Deeper Fan-Focused Football Content

101 Great Goals has officially entered into a strategic content partnership with Blaugranagram, aiming to enrich the football experience for fans by combining their...
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

Hillbrush Debuts Tornado Broom Range for Tough Outdoor Cleaning Environments

Hillbrush has launched its innovative Hillbrush Tornado Range — a robust, modular broom system designed to raise the bar for strength, reliability, and outdoor...

Your Help Hub Extends Handyman Services Nationwide Amid Surging UK Demand

Your Help Hub, a fast-growing name in home maintenance and improvement, has launched its handyman services nationwide to better serve the needs of customers...

Reliable auto locksmith services in Manchester: Everything you need to know

Car keys are essential to our daily lives, yet they are more vulnerable than we might think. In the lively city of Manchester, where...

More News

Craig Cornick Cleared of Hacking Charge in Long-Running ICO Case

A Manchester businessman has been found not guilty of computer hacking, following a lengthy investigation and prosecution brought by the Information Commissioner’s Office (ICO). Craig...

SB Bank Introduces Pre-Launch Phase with Cutting-Edge Hybrid Financial Model

SB Bank has officially initiated its pre-launch phase, debuting a hybrid financial model that combines traditional banking with blockchain innovation—ushering in a new era...

Flexiss Group Partners with Compound Real Estate on £300 Million Comporter Self-Storage Portfolio

Flexiss Group and Compound Real Estate have announced a major £300 million partnership to create a premier self-storage portfolio, strategically located across London and...