Start-up loans scheme to launch up to 30,000 new companies

By Helen Gradwell

Business secretary Vince Cable has announced that a scheme to give business support and loans to young entrepreneurs is getting underway. The start-up loan scheme will help launch up to 30,000 new companies. So far 1,200 people have expressed interest in one of these loans.

The first wave of loans (£82.5 million) is now being distributed among the 'next generation' of entrepreneurs. As well as providing financial support, in the region of £2,500, the start-up scheme also gives young people with a business idea access to a mentor.

The business secretary said: "With more young people than ever before looking to start their own business, Start-Up loans will provide the support they need to help get their business ideas off the ground. The scheme is not just about money. They will also get access to professional mentors who will pass on their knowledge and expertise about running successful enterprises. Money is going out of the door now, so those who want to take advantage should apply today."

The Start-Up Loans Company (led by James Caan, entrepreneur), is leading the scheme. Mr Caan said: "Start-Up Loans are exactly what young people need to get them on their way to launching their own businesses. Through the Start-Up Loans Company, we are encouraging young people to be more entrepreneurial by taking their future into their own hands and creating their own opportunities."

Tags: Vince Cable, loans, business, start up

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