Start Up Loans backs 10,000th small business

Government scheme has delivered a third of its target, with lending of £50m to date

Government-backed scheme Start Up Loans has delivered its 10,000th small business loan, it was announced today at a breakfast reception hosted by business secretary Vince Cable and ex-dragon and Start Up Loans chairman James Caan.

The recipient, Royal Navy veteran Allen Martin, is one of the first participants to have benefitted from the removal of the previously enforced 18-30 age cap.

After serving for 22 years in the Royal Navy, Martin received £10,000 to help fulfil his dream of launching his own property management business, Eclipse Property Cornwall.

Commenting on how the loan will support his start-up, he said: “This money will prove invaluable with my business during its first year and has enabled me to fulfil my ambitions of being my own boss after leaving the armed forces. It’s a great opportunity and I look forward to a bright future.”

The £151.5m government funded-initiative has now delivered a third of its target, with the milestone 10,000th loan bringing the total lending to date to £50m.

Founded by Lord Young, the scheme is set to support 30,000 new businesses by 2015.

Reflecting on the scheme’s success so far, Caan commented: “To consider we were just an idea 18 months ago, looking at what we have achieved to date is astounding. Providing this vitally needed funding and support for fledgling businesses is exactly what this country requires, creating jobs, and strengthening the economy.”

Caan also hopes that more mature entrepreneurs will follow in Martin’s footsteps, noting:

“Now we have lifted the age cap our focus has to be on helping all entrepreneurs of all ages come forward to start their business.”

Apply for a Start Up Loan for your business here

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