Thousands of young entrepreneurs could potentially get the loans they have been hoping for to help start up their own businesses. The Start-Up Loans scheme, which is being delivered through charities such as The Prince’s Trust, is being boosted to £110 million over three years which should increase the opportunities for entrepreneurs to put their business plan out there.
The loans, that a part of the government’s attempts to reduce unemployment, will pay out £2,500 to those with a business plan that is thought to be a strong and potentially successful idea. This can then be paid back over a 5 year period with a low interest rate.
3,000 people were said to have shown an interest in the loans and mentoring packages which has fuelled Downing Street to increase the age limit for applying from 24 to 30. Furthermore they are set to distribute over 2,500 loans by the end of March.
David Cameron said, ‘it is a great way to help this generation of entrepreneurs get the financial help, and confidence, to turn that spark of an idea into a growing, thriving business’.
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