10,000th Business Receives Start Up Loan
Posted on 25th November 2013
Last week saw the 10,000th new firm receive a start up loan from the Government-backed Start Up Loans company meaning that the initiative has now delivered a third of its target and has loaned £50m since its inception.
Allen Martin, a former Royal Navy engineer, became the 10,000th entrepreneur to be awarded a loan and said he will use his £10,000 to launch a property business in Cornwall. Mr Martin is also one of the first business owners to benefit from the removal of the 18 to 30 age limit on the scheme, which was announced in July.
Founded by Lord Young early last year the £151.5m initiative was set up to support 30,000 new businesses by 2015, so achieving this marker has delighted former Dragon’s Den entrepreneur James Caan, who heads up the Start Up Loans company.
Mr Martin is equally delighted, saying that to have been given the opportunity to start a new life running his own business is an amazing feeling. He added that the money will prove invaluable during his firm’s first year and has enabled him to fulfil the ambition of being his own boss after leaving the armed forces.
Commenting on the latest award, Prime Minister, David Cameron said that the Start Up Loans scheme is helping budding entrepreneurs to achieve their dreams thereby helping the economy to expand.
According to the statistics, some 36 per cent of the loans awarded so far have gone to start-ups in London, followed by 16 per cent in the North West and nine per cent in the South East. The average loan size is £5,720 and around 30 businesses a day have managed to secure funding. In terms of gender, 63 per cent of the loans issued so far have gone to men, compared with 37 per cent to women.