Start-up lending taking the UK by storm

London-based start-up businesses secured £23million in lending last year, but a new study suggests that entrepreneurialism is growing increasingly popular across the entire country.

Research published by The Start Up Loans Company this week suggests that Birmingham is the UK’s “most entrepreneurial” city outside Britain’s capital, securing £2m in start-up lending last year – representative of a 39 per cent increase on figures recorded the previous year.

Meanwhile, start-ups in Durham, North East England, secured £1.2m in funding – an astonishing 243 per cent rise since 2015.

Other cities that enjoyed a boom in start-up funding last year include Cornwall (£1.3m), Sheffield (£1.2m), Bristol (£1m), Leeds (£923,990) and Bournemouth (£868,015).

Margot James, small business minister, praised the results of the study and suggested that the Government would seek to maintain the UK’s “excellent record in creating business” as part of its “modern industrial strategy”.

If you are a small business owner, or you are setting up a new firm and establishing yourself in the business world, it is crucial to make sure that you are supported by experts who understand today’s business environment and are experienced in helping people just like you to achieve specific entrepreneurial goals. It is equally important to seek out expert tax-planning assistance and advice.

Wilson Wright are here to help. We can assist you with all tax-related matters and ultimately help you to get ahead in the business world. Our team can advise you on managing your spending and day-to-day costs, and help you to implement tax-efficient business structures and find your feet on the path to success.

For more information about our services for small and start-up businesses, please contact us.        

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