Member Article

10,000 milestone reached on Government’s Start Up Loans mission

The Government has awarded the 10,000th Start Up Loan in its scheme to lend £151 million to 30,000 entrepreneurs by 2015.

The milestone now means £50 million has been lent to entrepreneurs around the country to kickstart their business idea.

Start Up Loans is one of a number of schemes brought under the Government’s ‘Business Bank’ banner and was devised by Lord Young, the Prime Minister’s Enteprise Advisor.

The scheme recently lifted its age cap to make loans available to those over 30, following Lord Young’s recommendations.

Entrepreneur and star of the BBC’s Dragon’s Den programme James Caan is involved in the scheme.

He said: “Today we are proud to announce our 10,000th loan. To consider we were just an idea only 18 months ago, looking at what we have achieved to date is astounding. Providing this vitally needed funding and support for fledgling businesses is exactly what our country requires, creating jobs, and strengthening the economy, improving enterprise.

“There is still much work to be done; now we have lifted the age cap our focus has to be on helping all entrepreneurs of all ages come forward to start their business.”

A former Royal Navy engineer and mechanic from Cornwall was the recipient of the 10,000th loan, to be used in readying his property management business.

More information on Start Up Loans can be found here.

This was posted in Bdaily's Members' News section by Tom Keighley .