According to the Start Up Loan Company, more than 32,000 new jobs have been created and 1,000 companies and entrepreneurs in Scotland alone have been helped with funding since it was introduced there in February.
The scheme which is chaired by former Dragons Den star, James Caan, provides financial support in the form of a repayable loan and mentoring from to entrepreneurs looking to start their own business.
Last week the 25,000th business loan was approved and Prime Minister, David Cameron, says the scheme is key to the Government’s long-term economic plan.
“That’s what our Start Up Loans are all about – it’s great news that 25,000 loans have now been issued, giving people who want to work hard and get on the tools and confidence to turn their entrepreneurial vision into a reality,” said the Prime Minister.
“Small businesses are the lifeblood of our economy and supporting them to get off the ground and create jobs and opportunities for hardworking people is a key part of our long-term economic plan.”
The landmark business loan was awarded to Nicola Weeks from Bedford who was given a loan of £8,500 to finance her wedding business and she is delighted to have received the funding to help achieve her dream.
“I received my Start Up Loan through Foundation East and found the process very efficient and straightforward,” said Nicola.
“The help I received from my mentor was absolutely brilliant. I’m so delighted to achieve my dream of running my own boutique and I’m honoured to be the 25,000th new business started by the scheme.”
One such mentor is former Dragons Den star, James Caan CBE, who is Chairman of the scheme and he believes everyone should be proud of themselves.
“The creation of 25,000 new businesses is a significant achievement and everyone involved – the government, the Start Up Loans Company, and the loan recipients themselves, should be immensely proud,” said James Caan.
The £310 million worth of funding is provided by the Department for Business and is administered by the government-owned British Business Bank which aims to make finance markets for smaller businesses work better.
Business Secretary, Vince Cable, echoed the Prime Ministers’ thoughts that the scheme is helping the long-term economic plan.
“Helping businesses to access the funds they need to grow is key to our recovery and through schemes like Start Up Loans the government is supporting serious volumes of lending to small and medium sized businesses,” said Vince Cable.
“The Start Up Loans scheme is enabling thousands of entrepreneurs across the country to realise their ambition and set up their own business.”
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