A young Cornish businessman is looking forward to a successful year after turning his idea into a reality thanks to a start-up loan.

The start-up loan scheme, part of the British Business Bank, announced last week that more than £100m worth of funding has been provided nationally to business owners aged between 18-24 years-old, equating to more than 15,000 loans since the programme launched in 2012. 

Of that national total, £7.5-million of funding has been provided to 1,008 young entrepreneurs in the South West, with Devon, Cornwall and Gloucestershire ranking as the most entrepreneurial counties in the region based on the number of loans provided.

Cornwall had 140 young entrepreneurs receiving a start-up loan.

Joel Jones, 24, was one of the Cornish recipients. He applied for a £20,000 loan, provided through SWIG Finance, to convert a classic VW campervan into a mobile cocktail bar and launch his business, The Mixer, aimed at weddings and parties.

Joel said: “At the time I applied I was only 20 and just out of university. No-one else was going to help me. For me, the start-up loan was really the only way I was ever      going to be able to make it work. 

“Of course, it’s scary thinking about starting your own business and applying for a loan but my attitude was, ‘I can either think about doing this for years, or I can just get on and do it’. 

“I knew the van would be something everyone could relate to. There are thousands of horse-box-style mobile bars out there and I knew this would be different.”

 With the Cornish wedding season just about to begin, Joel is looking forward to a busy 2024 and enjoys being surrounded by happy people, all keen to try one of his drinks crafted to celebrate local ingredients. 

“I never would have been able to do it without the start-up loan, so I would definitely recommend looking into it,” he added.

Steve Conibear, UK Network director South West at the British Business Bank said: “It’s amazing to see people in their late teens and early 20s with such ‘can-do’ attitudes and motivation to achieve success in working life. 

“Our £100 million funding milestone is a significant landmark and testament to the hard work of start-up loans and its business support partners, in giving people with a good business idea, no matter their age, the chance to access the funding needed to bring it to life. 

“We’re determined to keep backing aspirational young people with money and mentoring.”