Ageless ambition: Post pandemic surge in over 50s entrepreneurship across Northern Ireland

Start Up Loans, part of the British Business Bank, has delivered more than £140m of loans to UK entrepreneurs aged over 50 since its inception in 2012.

The programme has supported 13,422 loans, at an average of £10,427. Of these loans, more than £1.6m has gone to business owners over the age of 50 in Northern Ireland. Breaking this down, 168 loans have been issued to businesses, with an average loan amount of just over £9,500.

In Northern Ireland, more than £635,000 has been delivered to over 50s entrepreneurs since the first Covid-19 lockdown, meaning nearly four in 10 (39%) of Start Up Loans in Northern Ireland to this age group have been issued in the period since the pandemic started.

Mid-Ulster businesses received most loans with 278 while Newry Mourne and Down area had greatest cumulative loan value at £240,000. Meanwhile

Antrim & Newtownabbey had the least loans with 78 and the lowest loan value at £807,023.

Start Up Loans has delivered more than £13m worth of finance across the UK to the over 50s in the financial year running 1 April 2023 – March 31 2024.

This represents a significant contribution to UK-wide efforts to encourage people aged 50+ back into work through a variety of initiatives designed to help stimulate economic growth.

Alison McAtamney from Northern Ireland had a lifelong business ambition and set up Cleland Renwick Ltd, an image consultancy for men which provides colour analysis, bodyline analysis and wardrobe personality assessments. Aimed at professional leaders, the Belfast business 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 explained: “Starting my new business will be the fulfilment of a lifelong goal. For some women midlife can be a challenge and they can often feel invisible. But I have gone through all that and at 55 I am feeling positive and reading to embrace the challenges of launching my own business.

“The British Business Bank’s Start Up Loans, delivered via their partner 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, added: “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 full breakdown of loans across Northern Ireland.

Armagh, B’bridge, C’von: 179 loans valued at £1,655,417

Mid-Ulster: 278 loans valued at £2,666,850

Newry, Mourne, Down: 199 loans valued at £1,916,346

Fermanagh & Omagh: 191 loans valued at £1,825,470

Lisburn & Castlereagh: 114 loans valued at £1,027,200

Derry City & Strabane: 134 loans valued at £1,060,821

Causeway Coast & Glens: 113 loans valued at £996,517

Belfast: 265 loans valued at £2,180,744

Antrim & Newtownabbey: 78 loans valued at £807,023

Ards & North Down: 113 loans valued at £947,650

Mid & East Antrim: 110 loans valued at £859,864

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% per annum and repay the loan over one to five years. The programme also provides 12 months of free business mentoring.