British start-ups have secured £200m in Start Up Loans to date
Government backed-scheme has provided 36,000 loans to early-stage businesses to date with a fifth of all loans awarded to young entrepreneurs
The Start Up Loans Company, which provides early-stage businesses with loans of up to £25,000 in exchange for a rate of 6% interest, has lent Britain’s start-ups more than £200m to date with 36,000 loans delivered.
Established by the department for business, innovation and skills in 2012, the scheme is said to have helped create more than 50,000 jobs in the four years since its launch.
The latest data from the scheme indicates a growing number of young people turning to enterprise with a fifth of all Start Up Loans having been awarded to those aged 18-34; 47% of which were previously not in formal employment, education or training.
Following the news, small business minister Anna Soubry has pledged that the government will treble the programme so that a total of 75,000 loans will be created to “drive the economy and turn people’s dreams into a reality”.
On the milestone, Tim Sawyer, Start Up Loans Company CEO, said it was “great to see such a demand for finance from Britain’s would-be business owners”:
“Reaching £200m is an important landmark for the Start Up Loans Company; […] for every pound invested we have returned £3 to the economy overall. 2016 looks set to be another busy year for micro-businesses and we are proud to be able support of this growth.”
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