Start-up Loans Scheme approves £500,000 worth of loans in one week

The government-backed Start-Up-Loans scheme has experienced a recent surge in interest, with the number of applications rising to 7,000 in less than a month.

And in one week, chairman and former Dragons’ Den star James Caan says £500,000 worth of loans were approved, helping over 100 start-up companies to get off the ground.

The increased interest in the scheme, which was founded by the Start-Up Loans Company, chaired by James Caan, follows David Cameron’s announcement at the beginning of January, in which he revealed that the scheme would receive a £30m boost.

The scheme, which offers loans of up to £2,500 to aspiring young entrepreneurs had previously received just 3,000 applications since its launch in September 2012.

At the speech in Preston Cameron also announced that the Start-Up Loans Scheme would be raising the upper age limit of eligible applicants from 24 to 30. He said:  “I believe this surge we are seeing from young people starting their own businesses is simply the beginning of an emerging and lasting trend in entrepreneurship in Britain.

“Self-employment and small business is the heart-beat that keeps us ticking and in today’s economy I am delighted to see so many young people have the confidence to take their future into their own hands.”

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