Prime Minister David Cameron announced a £69 million support package for new businesses today.
The new funding includes £34 million for the Start-Up Loans Scheme, which has already helped 8,000 start-ups, as well as an extension of the New Enterprise Allowance, which will provide an extra 60,000 mentoring places.
The Start-Up Loans scheme offers a loan of around £4,500 plus mentoring support to help businesses get off the ground, while the New Enterprise Allowance provides mentoring and financial support for would-be business owners claiming benefits.
The Prime Minister said “In the last two years we have helped tens of thousands of people to turn their ideas into a viable business, and this additional support will help thousands more. My message is simple: if you have drive, determination and are prepared to work hard, we will back you.”