Start Ups Clamour For Loans
Posted on 29th January 2013
Interest in the Government’s Start-Up Loans Scheme reached an unprecedented high this month, with the number of applications reaching 7,000 in a matter of weeks after the entry requirements were broadened.
While according to Chairman of the Start-Up Loans Company that administers the scheme and former Dragons’ Den star James Caan, £500,000 worth of loans were approved in just one week, helping over 100 start-up companies to get off the ground.
The scheme, which offers loans of up to £2,500 to aspiring young entrepreneurs, had previously received just 3,000 applications since its launch in September 2012.
Initially, the scheme was only open to 18-to-24-year-olds, but was expanded earlier this month to those aged up to 30, and to cater for the wider age band, the funding available for start-up loans rose from £82m to £112m.
When he announced the expansion of the scheme on 3 January, Prime Minister David Cameron said he believed that the surge we are seeing from young people starting their own businesses is simply the beginning of an emerging and lasting trend in entrepreneurship in Britain.
He added that self-employment and small business is the heart-beat that keeps the country ticking and said he is delighted to see so many young people having the confidence to take their future into their own hands.