StartUp Loans: Remove Age Limit Says Lord Young
Lord Young, the Government’s Enterprise Adviser, says that the upper age limit on StartUp Loans should be removed to give business a boost…
In a report to be published this week, Lord Young, the Government’s Enterprise Adviser, will propose that the age limit on business startup loans is removed.
Currently, under the Government’s StartUp-Loan scheme, aspiring entrepreneurs in England aged 18-30 years can apply for a low-cost unsecured loan for their startup business.
The scheme, chaired by entrepreneur and ex-Dragons’ Den tycoon, James Caan, has £100 million of backing and offers budding businesspeople additional mentoring and a package of exclusive business products.
Lord Young is proposing that the upper age limit be removed so that the over 30s can also be part of future business growth.
Growing Your Business
Lord Young’s report, Growing Your Business, is also believed to focus on micro businesses, those with fewer than 10 employees.
According to Lord Young:
"If just half of the UK’s micro businesses took on an additional member of staff, unemployment would be reduced to almost zero. We need to raise the aspirations and confidence of these businesses and give them the tools to grow."
This follows on from last week’s story where we reported that there has been a slowdown in firms taking National Insurance Contributions Holidays – a scheme where businesses outside London and the south east can save tax on NICs for their first ten employees.
The Government will close the NICs Holidays scheme later this year but is expected to offer further incentives by giving more firms a break on their NICs from next year.
Other proposals in Lord Young’s new report include opening up opportunities for small businesses to bid on public sector contracts and a new voucher scheme to help firms get advice on expanding their businesses.