Since its launch earlier this year, the new-business aid scheme, Start Up Loans has recently celebrated the transaction of its 10,000th loan, which was awarded to Cornish entrepreneur, Allen Martin to help him initiate his new business providing online help for landlords.
Start Up Loans, chaired by business mogul James Caan, has had a promising year since its conception in 2012, as they are now a third of the way in meeting their targets of supporting 30,000 new businesses with £151 million by 2015.
The Prime Minister, David Cameron said: “Start Up Loans are helping budding entrepreneurs across our country achieve their dreams – people who have got ideas, determination and solid business plans, but through no fault of their own can’t get the money to make a go of it. New businesses are the lifeblood of a healthy, expanding economy: a symbol of aspiration and a source of jobs, that’s why Start Up Loans matter to me – and it’s why they’re a key part of my plan for Britain.”
Start Up Loans provide new businesses with the initial cash outlay, (the sum of which varies with each application), and also offer continued support acting as mentors to the newly registered businesses.
However, there is still a long way to go. Chairman, James Caan commented: “Looking what we have achieved to date is astounding […] however, there is still much work to be done; now that we have lifted the age cap our focus has to be on helping all entrepreneurs of all ages come forward to start their business.”
The aforementioned Mr Martin was one of the first to benefit from the eradication of the 18-30 age cap, which was lifted back in July 2013 by David Cameron.