The Start-Up Loans scheme is celebrating its success by offering a further £5.5 million in funding to small businesses.
The scheme has reached its £10 million target for its pilot fund and has helped 2,000 18-30 year-olds to get their small businesses off the ground. The scheme has provided funding for 1,000 new businesses in the last month alone.
Following the success of the Start-Up Loans pilot, Parliament has approved a further £5.5 million in funding, contributing to an overall figure of £117.5 million put aside for the scheme until 2015.
Prime Minister David Cameron said: “Start-Up Loans are now helping thousands of aspiring young entrepreneurs get the finance and support to strike out on their own and launch their own business. The success of this scheme shows that young people have got the ideas, the ambition and sheer commitment to get ahead — and it is by backing them, and backing their aspirations that we will be able to compete and thrive in the global race.”