East London's entrepreneurs have seen £23.2 million in funding over the past four years - the start-up hub securing aover a third (35%) of all lending within the capital.
Lending data from the government-backed Start Up Loans Company has revealed that since launching in 2012, they have provided £66.3 million to fund London start-ups.
Of this funding, 35% (£23.2) has been secured by entrepreneurs living in East London – almost three times as much as North London start-ups (£8.3 million).
Central London start-ups, alongside those in West and South London amassed total funding of £14.6 million, £9.9 million and £10.3 million respectively.
Of London’s share, aspiring business owners in Hackney received the largest amount.
Start-ups in Hackney have received £4.9 million across the last four years. This is the highest amount received by any borough across the whole of London and more than double than start-ups in Westminster, who have been granted £2.1 million.
South of the river, Lambeth comes second in London’s start-up stakes, with residents benefitting from £3.9 million of funding across the past four years from the government-backed programme. Southwark was granted £3.9 million in the last four years – creating a South London start-up stronghold across Lambeth, Southwark and Lewisham.
The City of London is the least start-up friendly borough in London – with the fewest number of loan recipients, having only collected a combined £51,900 in funding since 2012.
Local London lending data is calculated based on the location where funding applicants reside.
Tim Sawyer CBE, CEO at the Start Up Loans Company said: “The East End’s famous entrepreneurial spirit is alive and well and it’s great to see Hackney leading the way in the capital’s start-up stakes. We’re proud to support companies across London, giving them the opportunity to grow and thrive in the capital. We’ve seen some great successes already and we look forward to helping even more start-ups.”
“Great business ideas can start anywhere, on the tube, in the pub or in the kitchen. It’s a scary decision to take a chance on your business but it’s a shame to let creative ideas go to waste. That’s why as well as funding we provide mentoring so it’s clear you’re not on your own. London’s global business reputation is impressive – and we can help to make it even better.”
Duncan O’Brien, founder of Dalston’s said: “The inspiration for our products came from Dalston's street market – it’s full of bold ingredients and is where the lightbulb moment for Dalston’s happened. We wanted to stay true to our roots, so we developed our brand based on this.
“There’s a real entrepreneurial flare here in the East End, and we’re extremely proud to call it home. It also has a tight-knit start-up community and we all help each other out as we face the highs and lows of growing a business from scratch."