Younger people are rejecting the traditional 9-5 working day to set up their own business, according to new figures published today.

Fuelled by a new spirit of entrepreneurship, they are seeking funding to realise their dreams to become their own boss, figures from The Start Up Loans Company [1] show.

The data shows that almost 10,000 people (9,575) aged between 18 and 25 have received a low-interest loan from the Government-backed scheme since 2012, totalling more than £55 million.

The Start Up Loans Company provides low-interest loans to prospective business owners, as well as providing an assigned business mentor for every loan applicant.

One young business owner who has successfully sought funding to set up a business is Theo Garcia, 22. Theo launched Solo Coffee, based in Stroud, Gloucestershire, with Alex Foss Sims in July 2016 after securing a £12,500 loan.

After working together as baristas in a café in the Cotswolds, the ambitious duo wanted to create an alternative to shop-bought coffee and noticed a lack of cold brew coffee available across the UK.

Theo and Alex began developing cold brew coffee recipes in Theo's parent's kitchen for the first six months. After deciding on the recipe for the product, the pair later approached The Start Up Loans Company for a cash-injection to get their business idea off the ground.

They used the funding to create their branding, as well as purchasing the equipment necessary to develop products.

Two years on, the business is now selling 1,200 units of Solo Coffee a week, with products stocked at 50 cafés and shops across London, Bath, Bristol and Gloucestershire. 

Theo Garcia, founder of Solo Coffee, said: "After working as a barista in a number of cafés in the Cotswolds area, we spotted a gap in the market for cold brew coffee in the UK. Alex and I realised it was a great opportunity to try our hand at something new - and after developing the recipe in my parent's kitchen, we began developing Solo Coffee's first product.

"But after creating our trademark formula, we needed access to capital to really get our business model in motion. After successfully receiving a £12,500 Start Up Loan, we used the funding to create our unique brand identity, as well as using the loan for working capital in the early stages.

"Since receiving the funding, Solo Coffee has gone from strength to strength - but it's not without plenty of hard work, especially when you're creating a business from scratch."

Jane Cormack, Product Development and Delivery Director at The Start Up Loans Company, said: "Theo and Alex are a great example of the entrepreneurial spirit of those aged 18 - 24 in the UK today. Their ambition and tenacity has helped them scale their start-up quickly and effectively.

"It's no secret that starting a new business can involve plenty of long hours and commitment in the early stages. That's why it's fantastic to see young people across the UK take the leap into self-employment and drive towards their start-up ambitions."