The government’s Start Up Loan Scheme has awarded its 10,000th loan, to a new property management business in Cornwall.
Entrepreneur Allen Martin received the £10,000 loan, marking the milestone for the government lending scheme.
Start Up Loans has lent £50 million to new businesses since its launch in October 2012. It aims to lend £151 million by 2015, supporting the launch of 30,000 new businesses.
Loans under the scheme were originally limited to 18-24 year olds, but the age limit was then raised to 30. The age cap has since been removed altogether, meaning loans are available to entrepreneurs of any age.
The recipient of the 10,000th loan, Allen Martin, said “To have been given the opportunity to start a new life running my own business is an amazing feeling. This money will prove invaluable with my business during its first year and has enabled me to fulfil my ambitions of being my own boss after leaving the armed forces.”