The government’s Start Up Loan scheme has hit another milestone as the 25,000th business loan is approved, taking the total amount lent to new firms to nearly £130 million.
The scheme provides financial support and mentoring to entrepreneurs looking to set up their own business.
According to the Start Up Loan Company, more than 32,000 new jobs have been generated as a result of the scheme since it was launched in 2012.
Nicola Weeks from Bedford has been awarded the 25,000th loan and is the latest female entrepreneur to start a business through the government’s successful Start Up Loans scheme.
Prime Minister David Cameron said:
Small businesses are the lifeblood of our economy and supporting them to get off the ground and create jobs and opportunities for hardworking people is a key part of our long-term economic plan.
That’s what our Start Up Loans are all about – it’s great news that 25,000 loans have now been issued, giving people who want to work hard and get on the tools and confidence to turn their entrepreneurial vision into a reality.
Business Secretary Vince Cable said:
The Start Up Loans scheme is enabling thousands of entrepreneurs across the country to realise their ambition and set up their own business.
Helping businesses to access the funds they need to grow is key to our recovery and through schemes like Start Up Loans the government is supporting serious volumes of lending to small and medium sized businesses.
James Caan CBE, chairman of the Start Up Loans Company, said:
The creation of 25,000 new businesses is a significant achievement and everyone involved – the government, the Start Up Loans Company, and the loan recipients themselves, should be immensely proud.
After a career in acting, Nicola applied for a loan of £8,500 to finance her wedding business, George James Bridal.
Nicola Weeks, the 25,000 loan recipient of the Start Up Loans scheme, said:
I received my Start Up Loan through Foundation East and found the process very efficient and straightforward. The help I received from my mentor was absolutely brilliant. I’m so delighted to achieve my dream of running my own boutique and I’m honoured to be the 25,000th new business started by the scheme.
Notes to editors:
- The Start Up Loans scheme is a £310 million government-funded initiative that provides start-up support in the form of a repayable loan together with a business mentor for entrepreneurs across England, Wales, Scotland and Northern Ireland.
- The funding for Start Up Loans is provided by the Department for Business, Innovation and Skills and administered by the 100% government-owned British Business Bank. The British Business Bank makes finance markets for smaller businesses work better, enabling the sector to prosper, grow and build economic activity.
- The Start Up Loans scheme is just one way in which government supports those starting their own businesses and those looking to grow, including:
- increasing apprenticeships to more than 2 million since 2010 and raising the quality of training every apprentice receives, as well as offering grants of up to £1,500 to support firms that hire an apprentice
- a new Employment Allowance that puts up to £2,000 back into the pockets of small businesses: 450,000 small businesses will pay no national insurance at all
- creating one of the most competitive tax regimes in the world to help UK business attract investment and grow – including through Seed Enterprise Investment Scheme, R&D tax credits and Annual Investment Allowance.
- To speak to the Start Up Loans Company media team contact email@example.com or 020 7932 1599.
- Regional data and case studies are available, please contact BIS press office or the Start Up Loans Company media team on 020 7932 1599.