Age limit and total number of loans increased
San Francisco, CA -- (SBWIRE) -- 01/14/2013 -- The government found it fit to expand its start-up loans scheme, which will offer younger entrepreneurs loans of up to £2,500 to assist in the starting of a business.
The scheme had been originally conceived in order to help 18- to 24-year olds and is now looking to expand to those aged up to 30.
In order to cater to a wider age, the funding is now available to start-up loans that range as high as £112 million, rather than £82 million.
The scheme has, however, only leant out £1.5 million thus far.
The start-up Loans Company, which is in charge of running the scheme, stated that relatively slow start was primarily due to the time it takes to set up local partnerships amongst companies. They added that the pace had begun to pick up during the month of December
The target is to amass a total lending of £112 million available by April of 2015.
Over 3,000 individuals have applied for loans thus far, but the target number is meant to be 45,000.
The expansion is said to allow the capability of meeting that number, and Prime Minister David Cameron announced the expansion at an event in Preston.
He stated that there were a record number of companies that had started, and that the start-up strategy was
"Absolutely vital for the future of our country".
"The government's role has got to be to try to do everything we can to encourage more start-ups and then to help them to grow, to get finance and take people on," he told an audience of young people and entrepreneurs.
The Prime Minister stated that banks would do well to also be assisting more: "A lot of this should be the job of banks, but frankly after the terrible problems of 2008-9... there are gaps in the market".
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