Three quarters of new Scottish business started by unemployed

Almost 2,000 Scots have started a new business since 2014, with three out of four of the new entrepreneurs previously being unemployed.

New data from the Start Up Loans Company (SULCo) shows that since the government-backed scheme expanded to Scotland at the start of 2014, 1,958 Scottish residents successfully started a new business.

And while an overwhelming 75 per cent of those new businessmen and women were unemployed before setting up their own business, 41 per cent were started by those aged 31 to 49, 28 per cent were opened by 25 to 30-year-olds, and 19 per cent by 18-24-year-olds.

And 12 per cent were established by Scots aged over 50.

Looking at the new business owners’ employment status in more detail, 13 per cent were previously self-employed, followed by 11 per cent of those who left their job to start their own company.

Tim Sawyer, the CEO of the Start Up Loans Company, said: “It’s great to see that so many people who have previously struggled to find a job have decided to turn their skills or interests into a business.

“We’ve helped people from all employment backgrounds. Many are ambitious and have great business ideas, so it’s fulfilling being able to see them following their business dreams and establishing a company of their own.”