2000 New Businesses Helped by StartUp Loans
StartUp Britain’s StartUp Loan scheme has passed the 2,000 mark in helping new businesses get off the ground.
Announced in last year’s budget, the StartUp Loans scheme is a government-backed initiative, initially with a pot of £10 million for budding entrepreneurs.
By September 2012 the first StartUp Loans were being distributed with around 1,200 young entrepreneurs having applied to the scheme.
In January, the scheme was deemed to have been so successful that the government agreed to make an additional £30 million worth of funding available to the scheme.
Now, with over £100 million promised, the StartUp Loan scheme has exceeded expectations and backed 2,000 18-30 year olds.
Prime Minister David Cameron said of the scheme:
“Start-Up Loans are now helping thousands of aspiring young entrepreneurs get the finance and support to strike out on their own and launch their own business. The success of this scheme shows that young people have got the ideas, the ambition and sheer commitment to get ahead – and it is by backing them, and backing their aspirations that we will be able to compete and thrive in the global race.”
James Caan, former Dragon and chairman of the StartUp Loan Company which administers the scheme, added:
“Whilst we are well ahead of our target numbers, I believe that we are only scratching the surface. 2,000 young, ambitious and highly motivated people have taken their future into their own hands. At the moment 40 people a day are choosing to start their own business thanks to Start-Up Loans.”
James Caan continued:
“I am very proud of what we have achieved thus far. We have built a fantastic team that is committed to the success of Start-Up Loans. As an entrepreneur myself who has built businesses, I am very conscious that maintaining our own costs when we are spending money on behalf of the country is absolutely vital in the current economic environment. Using our own entrepreneurial approach, I’m pleased to see that we have come in under budget for expenditure. ”
One recipient of a low cost, unsecured loan from StartUp Loans is Alissa Koopal, 26, from Liverpool. Alissa’s venture, Izzy Melody, produces UK-made, eco-friendly baby products and not only did she receive £2,500 of much-needed funding but her business was also assigned a business mentor.
Alissa’s initial loan application to her bank was rejected but, in less than a week of applying for a StartUp Loan, she was granted her loan and receving guidance ans support from her mentor.
Young entrepreneurs aged 18-30 should take a look at the StartUp Loans website.