ENTREPRENEURSHIP is alive and well with latest statistics revealing more than 600,000 start-up businesses were launched in the UK in the past 12 months.

And Ilkley is no exception to the rule.

Northern business lender, the Business Enterprise Fund (BEF), has announced that for the first time in its history, there has been a shift in lending, with 54 per cent of loans in the past 12 months being provided to start-up companies, overtaking SMEs.

BEF, a not-for-profit organisation, has loaned £1.8 million to start-up businesses throughout Yorkshire and the north east.

Quinta Bar and Grill in Ilkley is one of the businesses that has benefited from BEF’s start up loans.

BEF’s investment manager, Mark Iley, supported restaurant owner, Diogo Filipe, in opening his dream, Mediterranean cuisine restaurant in Wells Road. Diogo has more than 16 years’ experience in restaurant and hospitality, including being restaurant manager at Ilkley’s Martha and Vincent.

Stephen Waud, chief executive at BEF, which has offices in Leeds, Bradford, York and Darlington, said: “Business trends have certainly changed.

"In the past 12 months, we’ve provided start-up loans to almost 200 new businesses and financially supported 160 established SMEs. At BEF, we understand that aiding these young businesses in the early stages of development and financial uncertainty can really help build the bedrock of our changing economy.

“As an official delivery partner for the government’s start-up loans scheme, we’re especially proud of the financial support we’re providing to unlock business potential with entrepreneurs in the region.”

BEF, which is seeing an increasing growth and demand across the food and drink industry, shared its funding advice at the inaugural Independent Food and Drink Academy Start-up Business and Growing Business workshops last month – a new partnership between Leeds City Council and Leeds Beckett University.

Guy Lincoln, of Leeds Beckett University and the Independent Food and Drink Academy, said: “The Independent food and drink scene in Leeds has been dynamic and growing rapidly during the past two years, and we’re keen to provide these young businesses with the support required.

"Working with an organisation, such as BEF, means new and potential independent businesses are aware of the available opportunities from a well-established business lender.”

Stephen Waud adds: “We offer start-up businesses loans of up to £25,000 and are currently seeing an increasing growth and demand across specific industries. The business potential is out there – it just needs guidance and the type of financial support that mainstream lenders may be unable to provide."