Prime Minister David Cameron has today announced a boost to the government’s Start-Up loans scheme, with funding being increased by £30 million to £110 million over three years.
The Prime Minister also said that due to demand from those who had just missed out on the scheme, and the challenges faced to secure loans to start a business, the age limit for applying will now be extended from 24 to 30 years old.
Start-Up Loans provide budding entrepreneurs a range of support to get their business idea off the ground, including access to a business mentor as well as funding in the region of £2,500.
Over 3000 people have applied or registered an interest in a Start-Up loan; when their business plan is robust and approved, applicants are able to access the financial support, with a repayment period of up to five years.
In the three months that the scheme has been live over £1.5 million worth of loans have been approved, helping over 460 new businesses get off the ground. Around 100 new businesses a week are expected to reach approval stage in January, with thousands more in the months ahead.
The Start-Up Loans scheme forms an integral part of the Business in You campaign, which encourages the start up and growth of new businesses.