Government Awards 20,000th Start Up Loan

David Cameron has announced that the government have achieved two significant milestones in its long-term economic plan.

The 20,000th Start Up Loan has been awarded and the total amount offered to entrepreneurs has now reached over £100 million.

Start Up Loans provide financial support and mentoring to anyone wanting to start up a business. The prime minister is due to meet a recipitent of one of the Start Up Loans as well as a number of businesses during a regional tour of the North West.

The 20,000th Start Up Loan was awarded to Melissa Mailer-Yates, 55 from Stratford-upon-Avon, who will use her £6,000 loan to finance her business, Shakepuss & Co Ltd, which uses animated characters to introduce children to Shakespeare plays.

By achieving the 20,000 target the government is now two thirds of the way towards supporting 30,000 new businesses with £151 million worth of loans by 2015.

Prime Minister, David Cameron said:
As part of our long-term economic plan we are backing business and ensuring our budding entrepreneurs get the finance and support they need to kick-start and grow their businesses

Business and enterprise mean more jobs for hard working people; more opportunities for people to break out on their own and be their own boss; and more prosperity and economic security for us all

Start Up Loans is one of a range of government-backed schemes aimed at financing businesses and are all brought together under the British Business Bank initiative.

There has also been a number of measures introduced by the government in order to encourage growth in small businesses including extending small business rate relief until 2015, increasing apprenticeships to 1.8 million in the past four years and introducing a new Employment Allowance that gives £2,000 back to small businesses.

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