Corporate banking 'helps entrepreneurs from diverse backgrounds'

Corporate banking could be helping an increasing number of individuals from diverse backgrounds set up their own business.

According to Barclays Business, many people who lost their jobs during the economic downturn have had no other option but to start their own firm, which in many cases will have seen them ask their bank for a loan.

Steve Cooper, managing director of the organisation, said it has seen less business failures than expected and more individuals starting their own company, despite the financial climate.

’We have also seen changes in the mix of people who are staring up on their own. We are seeing more younger people [and] more women doing it as a way of having a better home life,’ he added.

His comments came amid the announcement of the Barclays Trading Place Awards, which aim to find people who have overcome personal challenges in order to set up their own company.

The commercial banking firm will give the winner of the awards £10,000.ADNFCR-2318-ID-19794997-ADNFCR