Start-Up Loans and New Enterprise Allowance to receive additional £69m government funding

The government has increased its funding to both the Start-Up Loans Company and the New Enterprise Allowance scheme with a further £69m now available as announced by David Cameron at a reception to celebrate British enterprise last week.

Each of the initiatives will receive a share of the major funding boost, with £34m extended to Start-Up Loans and £35m towards New Enterprise Allowance.

The additional funding is set to increase the financial support available to small businesses across the country and is part of the government’s aim to create new jobs and improve Britain’s economy.

Start-Up Loans, which offers funding and mentoring to help individuals develop their business ideas, will now be rolled out in both Scotland and Wales and will increase loans access to entrepreneurs over 30 as well as ex-service personnel.

The news also sees the New Enterprise Allowance, which provides business mentoring and financial support to help job-seekers start their own ventures, extended for a further 15 months until December 2014.

It is predicted that the cash injection will build on the schemes’ successes so far having together supported the launch of 30,000 UK businesses over the last two years.

Prime minster Cameron commented: “I am determined to do all I can to support the British economy and that includes helping small businesses and budding entrepreneurs to get on.

“In the last two years we have helped tens of thousands of people to turn their ideas into a viable business, and this additional support will help thousands more.”

Discussing the potential of the initiatives, Cameron added: “If you have drive, determination and are prepared to work hard, we will back you.”