Start Up Loans, part of the British Business Bank, says it has delivered more than £140 million of loans to UK entrepreneurs aged 50-plus since its inception in 2012, supporting 13,422 loans at an average of £10,427.
Of these loans, more than £1.6 million has gone to business owners over the age of 50 in Northern Ireland, where 168 loans have been issued at an average amount of just over £9,500.
And more than £635,000 - close to 40% of the overall total - has been delivered to over 50s entrepreneurs in the north since the first Covid-19 lockdown.
Start Up Loans has delivered more than £13m worth of finance across the UK to the over 50s in the last financial year.
Since the inception of the loans programme, most of the loans in Northern Ireland broken down by council area (278) were written in Mid-Ulster (a total value of £2,666,850), followed by 265 loans in Belfast (£2,180,744) and 199 in Newry, Mourne & Down (£1,916,346).
Antrim and Newtownabbey had the least number of loans (78) at a total value of £807,023, followed by Mid & East Antrim with 110 loans valued at £859,864.
Among the most recent Northern Ireland loan recipients is Alison McAtamney of ClelandRenwick Ltd in Belfast, an image consultancy for men which provides colour analysis, bodyline analysis and wardrobe personality assessments.
It is aimed at professional leaders and provides them with the knowledge on how to select the right garment style and colour enabling them to dress in a way which conveys confidence and leadership.
Alison said: “Starting my new business will be the fulfilment of a lifelong goal. I’m 55 now and can see the pension age approaching, so I wanted to launch a business which helped me find a slower pace of life.
“The British Business Bank’s Start Up Loans, delivered via Enterprise Northern Ireland, caught my eye due to the 6% interest rate and I have been very impressed.
“There are steps along the way to launching a new business which can fill you with nerves, but I have felt supported by the Bank and its partner at every step of the way.”
Susan Nightingale, director UK network devolved nations, said: “As Alison demonstrates, you can further your business ambitions at any age.
“It’s why we encourage anyone with a good business idea to get in touch and learn more about how the Start Up Loans programme might be able to help turn it into reality.”
The Start Up Loans programme helps people start or grow their business and is part of the government-owned British Business Bank’s remit to making finance markets work better for smaller businesses.
They can borrow up to £25,000 at a fixed interest rate of 6% a year and repay the loan over one to five years. The programme also provides 12 months of free business mentoring.
