The loans, to help people start up their own businesses, were historically only open those under the age of 30. However, the Prime Minister’s Enterprise Advisor, Lord Young, recommended that these loans be open to everyone who aspires to start up their own business.
Now, ex-servicemen and women, including those aged over 30, will be in the first wave to receive targeted support. X-Forces have become the first specialist start-up loans delivery partner for ex-Service personnel and the wider Forces’ community.
Currently around 4% of service leavers go on to set up their own businesses and it is hoped these numbers will increase following the changes announced today.
The X-Forces team have commercial and military backgrounds, and will provide service leavers, veterans, spouses and reservists with a comprehensive package of active support to set up sustainable and successful businesses, including mentoring.
Start-up loans for ex-Service personnel and the Troops to Teachers programme, launched on 7 June, are examples of how the government is supporting our Armed Forces with future careers and using their skills and talents to help build our economy.