The Government’s startup loans scheme is to be expanded in order to help more budding entrepreneurs start new businesses.
The startup loans scheme allows young entrepreneurs to borrow up to £2,500 at a low interest rate to help get their business off the ground.
David Cameron announced today that the eligibility criteria for the startup loans scheme will change. Previously, loans were only available for young people aged 18-24, but now those aged up to 30 can apply.
The fund will also grow by £30m over the next three years, meaning applicants can borrow a share of over £110m to fund their ventures.
Speaking at an event earlier today, the Prime Minister said: “Start-up loans are an important part of my mission to back aspiration, and all those young people who want to work hard and get on in life, so this country competes and thrives in the global race.”