After providing more than 58,000 loans to start-ups and early-stage businesses since 2012, the Start-up Loans Company has revealed the UK’s most entrepreneurial cities.
Unsurprisingly, London tops the list, with aspiring business owners in the capital receiving start-up loans worth over £100m.
Birmingham came second (£9.2m), Liverpool in third (£4.9m), Sheffield in fourth (£4.5m), followed by Manchester (£4.4m).
A total of 17,339 businesses from across London, Birmingham, Liverpool, Sheffield and Manchester - and over 58,000 across the UK – have received low-interest loans from the Government-backed scheme since it was launched six years ago.
Liverpool-based Robert Parry, who set up RLP Guitars in 2014, is one such company.
His business is a guitar shop which specialises in hand-made, custom-order electric guitars that he builds himself, with each one taking around three months to produce.
Robert used the loan to cover his cash flow in the first few months, during which he improved his operating methods and widened his customer base.
With RLP now listed on social media and through its own website, customers have ranged from serious musicians to collectors and amateur enthusiasts and Robert hopes to continue growing interest in the business.
Robert Parry, founder of RLP Guitars, said: “Guitars have always been a passion of mine and a few years ago I decided to take the leap and start my own business.
“The low-interest Start Up Loan helped me realise my ambitions and create a business that I am confident will grow.
“Starting a business can be incredibly challenging, but the Start Up Loans Company has been vital to helping me achieve my dream of having my own business and earning a living doing something that I love.”
A spokesperson for The Start Up Loans Company, said: “It’s great to see that Liverpool is among the top five entrepreneurial cities in the UK.
“This is a testament to the number of aspiring business owners we’re seeing in Liverpool who are working hard to set up their own ventures in these areas.
“Start-ups are a critical part of our economy and we’re delighted to see the growth in self-employment across all regions of the UK.
“Setting up a business can be tough, which is why along with our financial support, we offer all Start Up Loan recipients free mentoring to ensure they are supported along their journey.”
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