YORKSHIRE and the Humber is fast becoming a hub of entrepreneurship, according to new figures from the Start Up Loans Company, which show that it has lent £40million to new business owners in the region in its six years ago.

The figures suggest that entrepreneurship is thriving in the region, with aspiring business owners turning to the Government-backed scheme to achieve their ambition of becoming their own boss.

A total of 4,861 new business owners in Yorkshire and the Humber region – and more than 59,000 across the UK – have received low-interest loans from the Government-backed programme since it was set up in 2012, with the average loan in the region amounting to £8,038.

A spokesperson from The Start Up Loans Company said: “It’s great to see Yorkshire and the Humber continuing to cement its position as an entrepreneurial hub, with so many people starting their own businesses with the help of our low-interest loans. Start-ups are a critical part of our economy and we’re delighted to see the growth in self-employment across the region."

“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. It is our aim to help as many new and early-stage businesses in the UK as possible and we look forward to supporting many more aspiring business owners in Yorkshire and the Humber.”