The Prime Minister has announced today that the government has reached 2 significant milestones in the long-term economic plan by awarding the 20,000th Start Up Loan and taking the total amount offered to entrepreneurs to over £100 million.
The Prime Minister will meet a number of businesses on a regional tour in the North West, including a recipient of a Start Up Loan. Start Up Loans provide financial support and mentoring to individuals seeking to start a business.
Prime Minister David Cameron said:
As part of our long-term economic plan we are backing business and ensuring our budding entrepreneurs get the finance and support they need to kick-start and grow their businesses.
Business and enterprise mean more jobs for hard working people; more opportunities for people to break out on their own and be their own boss; and more prosperity and economic security for us all.
The 20,000th Start Up Loan has been awarded to Melissa Mailer-Yates, 55, from Stratford-upon-Avon. Melissa will use her loan of £6,000 to finance Shakespuss & Co Ltd, which is developing animated characters aimed at introducing children to Shakespeare plays.
In reaching this significant milestone, the government is now two thirds of the way towards supporting 30,000 new businesses with £151 million by 2015.
Support for entrepreneurs and small businesses
Start Up Loans is one of a range of government-backed access to finance schemes that are being brought together under the British Business Bank initiative. The government has also introduced a number of measures to encourage small business growth, including:
- 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
- increasing apprenticeships to 1.8 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
- 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
- extending small business rate relief until 2015
- targeting 3,000 rules to be scrapped or amended – we’re the first government in modern history to reduce the overall amount of regulation, saving businesses over £1.2 billion