Ipswich is in top 10 for small and medium businesses

The latest figures released by Iwoca, the international small business loan company, have ranked Ipswich in 7th place on a list of 342 areas around the UK where small businesses are flourishing.

The data takes into account the number of small and medium enterprises (SMEs) in each area in 2019 and compares that figure with 2023.

Ipswich saw a massive increase of 555 new SMEs in the intervening four years, which included the uncertainty of the Covid pandemic.

This means that, while Ipswich has fewer SMEs than elsewhere in Suffolk, the percentage increase of 13.5% put the town head and shoulders above the rest of the county.

A graph showing the percentage growth of the number of small and medium businesses around Suffolk year on year. Image: Google Flourish (Image: Google Flourish)

West Suffolk, its closest competitor, was ranked in 99th place with an increase of 230 SMEs (3.22%)

Next came Mid Suffolk at 111th, with an increase of 135 (2.83%); then came East Suffolk at 172nd with an increase of 70 (0.75%). Finally, Babergh was ranked in 184th place with an increase of 10 (0.24%).

This news has been met with celebration from business leaders in Suffolk's county town.

A bustling market in the Saints area of Ipswich. Image: Ipswich Central (Image: Ipswich Central)

Councillor Cathy Frost represents Holywells. She is also the owner of Loveone, a gift and homeware retail business in St Peter’s Street.

She said that Ipswich placing so high on this list was very encouraging. In the future, she would like to see a wider selection in the types of businesses opening in Ipswich.

“We have pockets of really cool independent businesses in Ipswich, and some great finds in the small businesses popping up,” she said.

“In terms of the main high street, one criticism I hear a lot is that there is not a lot of variety.”

For example, concerns were raised earlier this week that there are too many phone and vape shops in Ipswich.

Ms Frost continued: “A healthy high street should have variety. Of course, that is difficult to control as market forces drive occupancy.

“I think we have more work to be done in creating a more balanced, wider range of shops which welcome a wider range of customers. This might come about through events to create a nice, welcoming place for people to visit. That’s the challenge.”

Cathy Frost, borough councillor and owner of Loveone (Image: Newsquest)

Councillor Neil MacDonald, leader for of Ipswich Borough Council, also welcomed Ipswich’s placement on Iwoca’s list.

“It’s fantastic to see such positive growth in the number of small and medium businesses in our area over the last few years and it highlights the strength and resilience of our local economy, particularly in what has been a challenging period for many,” he said.

“Being ranked 7th out of 342 places is a testament to the hard work of our local entrepreneurs and the supportive business environment we strive to foster.

"The council remains committed to providing ongoing support to help local businesses thrive, innovate, and grow further in the future.”

He added that the council has been proud to support new and new and aspiring business owners through the UKSPF-funded Start, Build & Grow programme, which has now concluded.

Led by Innovation Labs, this initiative provided tailored, expert guidance to help businesses at every stage - from start-up to expansion.

In partnership with Business Growth Coaches Network, AMS Business Consultants, and the University of Suffolk, the programme offered free resources, including workshops, individual coaching, and peer group support. This comprehensive support ensured local entrepreneurs had everything they needed to succeed from concept to growth.

Lee Walker, chief executive at Ipswich Central. (Image: Ipswich Central)

Lee Walker, chief executive at Ipswich Central, said: “Ipswich has a very strong independent business offering, which is brilliant for the town. That we now appear in the top 10 towns and cities is fantastic.”