The Prime Minister has announced a £30 million boost to Start-Up Loans, which will help create thousands of new businesses and help young people find jobs.
New figures show that in the first three months of the scheme, over £1.5 million worth of loans have already been approved, helping nearly 500 new businesses get off the ground. London has received 34 per cent of the loans awarded so far.
The announcement increases the total funding for Start-Up Loans to more than £110 million over the next three years. Anyone up to 30 years-old can now apply, enabling more people to take advantage of the scheme.
James Caan, Chairman of the Start-Up Loans Company said: “I am delighted to see that more and more young people are now looking to set up their own business. It is only with this renewed focus on youth entrepreneurship, that we will create more jobs and wealth and see the economy flourish once again.
“Start-Up Loans enable young people to harness their skills, and gives each budding entrepreneur not just a low interest loan, but also the help and support from an experienced mentor to guide them to success.”
Commenting, Greg Hands M.P. said: “This Government is on the side of everyone who wants to work hard and get on. I would encourage any budding entrepreneur in Chelsea and Fulham to apply for a Start Up loan to get their business ideas moving.
“We are increasing loans to small companies, investing in innovation and cutting corporation tax to make sure Britain can build the best businesses and compete in the global race.”