The British Business Bank is encouraging older people with a business idea to get in touch after lending nearly £15m to entrepreneurs in the West of England who are over 50.
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The British Business Bank is “a government-owned business development bank dedicated to making finance markets work better for smaller businesses”.
Owner of Vessel Ceramics Jilly Russell (Image: British Business Bank)
The South West has emerged as a hotspot for entrepreneurs over 50 in the UK, according to the British Business Bank and its Start Up Loans programme. The bank says it has delivered loans worth more than £140 million to those over 50 wanting to start a business across the country since the scheme started in 2012. Of that, more than £14.78 million has gone to that demographic in the South West. By region, the South West has had the second highest number of loans by value outside London and the South East, while Devon, Somerset and Cornwall have emerged as the top three counties for over 50 entrepreneurship in the region.
The British Business Bank is encouraging older people with a business idea to get in touch after lending nearly £15m to entrepreneurs in the West of England who are over 50.
Devon-based entrepreneur Jilly Russell, 62, opened her ceramics studio last year with the support of a £15,000 Start Up Loan. After three decades spent teaching, she decided the time was right to start her own business in Moretonhampstead on Dartmoor. She said: “I would say to anyone, absolutely go for it. If you don’t do it now, then when? We only have one life. The help is out there to get you started.”
51-year-old fishmonger Simon Baker runs Lyme Bay Seafood in East Devon (British Business Bank)
Another South West entrepreneur is 51-year-old fishmonger Simon Baker, who left his management job to pursue a childhood passion. He retrained as a fishmonger, launching his Lyme Bay Seafood business in East Devon in 2021. Mr Baker, who recently applied for a £15,000 Start Up Loan, said: “I would encourage other people at my stage in life who are thinking about starting a business to at least look into it,” said Simon. “It’s daunting at first, starting out on your own and thinking about things like loans but applying for a Start Up Loan was relatively straightforward.”
Steve Conibear, UK Network Director South West at the British Business Bank, said: “As Jilly and Simon demonstrate, 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.”
