The popular Start-Up Loans scheme, which provides business loans for 18-30 year olds, will soon be extended to older applicants.
The scheme was already extended earlier this year, having originally been open only to 18-24 year olds. However, the Prime Minister’s enterprise adviser, Lord Young, has proposed that the age cap should be removed altogether.
The Start-Up Loans Company, chaired by former Dragons’ Den star James Caan, has pledged to cooperate with the government to bring the changes into effect.
Caan said “I welcome Lord Young’s recommendation to remove the age cap for Start-Up Loans. Seeing the huge success of the programme to date exceeding our initial targets by 50% leaves me with no doubt that there is significant demand from more mature individuals who want a chance at being their own boss.”
Since Autumn of last year, more than 3,500 people have got a loan from the Company and received mentoring. More than 45% of those who have started their business under the scheme were unemployed before being granted the loan demonstrating the schemes potential impact on employment across the country.