Oldham has experienced the greatest SME growth in the North of England post-pandemic.

A 13.5 per cent increase in small business activity marks the most significant expansion in the region.

New research from Iwoca, one of Europe's largest small business lenders, indicates that Oldham now has a total of 7,415 small and medium-sized businesses, surpassing pre-pandemic levels.

The data, compiled from ONS business and employment figures, demonstrates that Oldham has the fastest SME growth across the North West, North East, and Yorkshire between 2019 and 2023.

This growth equates to more than 850 additional businesses.

Employment rates in Oldham have also improved, with the latest figures showing an 8.2 per cent rise between 2019 and 2022.

With 89,350 people currently employed, this marks a growth of nearly 7,000 jobs compared to 2019.

The transport and storage sector led the way with a growth of 195 more SMEs between 2019 and 2023, in part due to the surge in online deliveries during Covid-19 lockdowns.

Other towns in the North West are also displaying strong recovery.

Blackpool ranked second in terms of small business growth during the same period, expanding its number of SMEs from 3,690 to 4,125.

The region as a whole has seen a rebound in SME activity back to pre-pandemic figures.

The number of SMEs operating in the North West in 2023 totalled 197,735, a 0.21 per cent increase from 2019's number of 197,320 organisations.

Seema Desai, COO at Iwoca said: "The North of England continues to prove its immense economic capacity and resilience despite the blow that the Covid-19 pandemic delivered to small businesses across the country.

"For example, Oldham’s recovery in sectors such as transport are bolstering job creation and enabling growth in years to come."