A £30 million boost to the Government’s Start-Up Loans scheme has been announced by the Prime Minister to give the next generation of entrepreneurs the finance and support to start their own business, a move welcomed by the local loan fund managers, NWES.
The additional money will boost the total pot for Start-Up loans to over £110 million over the next three years, potentially helping to start tens of thousands of new businesses. The Prime Minister also announced that due to demand from those who had just missed out on the scheme, and the challenges faced to secure loans to start a business, the age limit for application has now been extended from 24 to 30 years old.
Prime Minister David Cameron said:
“Start-Up loans are an important part of my mission to back aspiration, and all those young people who want to work hard and get on in life. They are a great way to help this next generation of entrepreneurs get the financial help – and the confidence – to turn that spark of an idea, into a growing, thriving business. It is by backing our entrepreneurs and championing small business that we can drive forward and grow the economy, and equip this country for the highly competitive era we are in.”
NWES launched Start-up loans locally in December and they are delighted to see the age range extended. Andrew Wilson, NWES Head of Enterprise Services said:
“The difficulty of accessing finance for starting a business has been well documented and Start-up loans provide a low-cost solution to this long-standing problem. Following the initial launch of the loan fund we received numerous enquiries from potential entrepreneurs just over 25 years old and we are therefore delighted the age range has been extended. All loans are individually assessed looking at the actual idea and the research done. We lend against potential success rather than credit scoring or an extensive track record. We are trying to give budding entrepreneurs a real chance at taking control of their future.
The programme gives each budding entrepreneur not just access to a low interest loan, but also the help and support from an experienced mentor to guide them to success.”
To apply for a loan and for further information call NWES 0845 60 99 99 1.