An extra £30 million has been made available for the Government’s Start-up Loan Scheme, with the maximum age criteria increasing from 24 to 30 years old. The scheme provides applicants with support and mentoring, along with access to a £2,500 loan. The scheme began in September 2012, with over 3,000 people registering their interest or applying for the loan since then.
The additional money will boost the total pot for Start-Up loans to over £110 million over the next three years, potentially helping to start tens of thousands of new businesses. The Prime Minister also announced that due to demand from those who had just missed out on the scheme, and the challenges faced to secure loans to start a business, the age limit for application will now be extended from 24 to 30 years old.
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