Belfast Telegraph

Belfast 'one of cheapest cities in UK for starting a company'

By John Mulgrew

Belfast is one of the most cost-effective cities to start a business, according to a new survey.

The report by finance firm LDF shows that almost half of businesses polled in Belfast said they chose the location due to the low cost of buying or renting property.

A total of 850 small to medium-sized firms were surveyed across the UK. Businesses said they needed just over £23,000 to get off the ground. That's lower than the UK average of £27,500.

But despite Belfast being a cheaper location to set up shop, around a third of companies said getting funding was the biggest issue when setting up.

LDF managing director Peter Alderson said: "Over 99% of UK private sector firms are made up of small to medium-sized businesses and, whilst this sector is clearly thriving, our survey sheds light on the harsh financial realities faced by start-ups and established businesses alike.

"With over half of SMEs in Belfast stating that they do not find banks to be business friendly, many experts cite that small to medium-sized business owners are instead turning to alternative finance options, as it helps people spread the cost of business investment."

Belfast Telegraph