The Government’s Start-Up loans scheme for young entrepreneurs has been extended to those under 30, with funding being increased by £30 million to £110 million over three years.
The age limit for the scheme was previously 24.
The aim of Start-Up Loans is to provide budding entrepreneurs a range of support to get their business idea off the ground, including access to a business mentor as well as funding in the region of £2,500. There has been criticism about the scheme being overly tied up in red tape.
Since it was launched in autumn 2012, just over 3,000 people have applied or registered an interest in a Start-Up loan; when their business plan is approved, applicants are able to access the financial support, with a repayment period of up to five years. The Government says the scheme has so far helped over 460 new businesses get off the ground and that around 100 new businesses a week are expected to reach approval stage in January.
The Start-Up Loans scheme forms an integral part of the Business in You campaign, which encourages the start up and growth of new businesses.