Birmingham “most entrepreneurial” city outside of London
Durham sees the biggest boom in funding, rising by 243% in the last year to £1.2m
Birmingham has been named the UK’s “most entrepreneurial” city outside of London, according to research from the Start Up Loans Company.
The survey, which looks at which areas received the most funding from the Start Up Loans Company, found that Birmingham secured more than £2m last year – an increase of 39% on the previous year – followed by Cornwall (£1.3m) and Durham (£1.2m).
Durham saw by far the biggest boom in funding, with a 243% rise in investment since 2015. The North was well represented generally in the top 10, with Sheffield in fourth (£1.2m), Leeds in seventh (£923,990) and Manchester in 10th (£800,300).
In the South, Bristol raised just over £1m and Bournemouth secured £868,120, rising by 63% and 113% respectively.
Edinburgh saw a 40% increase in funding from the Start Up Loans Company to £937,123, while investment in Glasgow rose by 89% in the last year to £860,015.
Tim Sawyer, CEO of The Start Up Loans Company, commented:
“A boost in government and private funding for infrastructure and industries in former manufacturing hubs like Durham has brought with it a renewed start-up fever north of the capital. And the region is sending out a strong message that it’s open for business.
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“We can’t deny that London is a strong start-up hub, but it’s encouraging to see a regional spread of start-ups popping up.”
Margot James, small business minister, said: “The UK has an excellent record in creating businesses and we want to make sure start-ups outside of London can access the finance they need.
“This government recognises the funding challenges facing British start-ups, and is addressing this as part of our modern industrial strategy.”