Backing the Next Generation of Entrepreneurs in Northern Ireland

There has been a surge in entrepreneurship amongst Gen Z across Northern Ireland, according to new data from the British Business Bank’s Start Up Loans programme.

In 2025 the number of loans being taken out by young business founders rose by 11% compared to the previous calendar year.

In the last 12 months, local Gen Z founders have secured almost £589,000 in funding, versus £383,797 in 2024.

Research published late last year by KPMG found GenZ workers are increasingly leaving corporate careers in pursuit of entrepreneurial opportunities, with 42% leaving to work in start-ups and 35% going freelance or becoming self-employed. 

Younger Gen Zs entering the workforce face a tough job market, with ISE data showing a record 140 applications per graduate vacancy, the highest level in over 30 years.

Data from Start Up Loans suggests that against this backdrop in Northern Ireland, Gen Z are turning to starting their own business. In 2025, Gen Z founders received a substantial 15% of all loans delivered in Northern Ireland – and in line with the UK average proportion. 

Hammed ‘Hammy’ Obikoya, founder of Mama Bobo, a Nigerian restaurant and grocery store in Belfast, said: “The Start Up Loans programme helped my business get off the ground when I borrowed £25,000 to help establish our restaurant.

“These funds allowed us to purchase fridges, gas cookers and food from Nigeria as well as cover the business’ running expenses for the first few months.

“We weren’t confident about taking a loan so initially I was spending my own money, but the Start Up Loans process was much easier than I could have imagined and has allowed us to make our dream a reality.”

Louise McCoy, Managing Director of Start Up Loans Products, British Business Bank commented: “The younger generation is entrepreneurial in nature and shouldn’t be underestimated.

“A key challenge young people will face though is affordable access to finance and impartial support given their lower savings and lack of track record. Start Up Loans exists to fill these market gaps and we are proud of the work we have done to help younger people start businesses.”

Blair McDougall, Minister for Small Business and Economic Transformation, said: “Age shouldn’t be a limit on entrepreneurial ambition. It’s fantastic to see an uptake in aspiring young people taking advantage of government support to help turn their ideas into thriving businesses.”  

Since its inception in 2012, the Start Up Loansprogramme has delivered more than 125,000 loans to business owners across the UK, amounting to more than £1.25bn of funding.

The government’s Backing Your Business Plan announced last summer that the Start Up Loans programme has been expanded and will provide more than £1bn of extra lending to entrepreneurs. 

For more information, please visit: https://www.startuploans.co.uk/