Government extends start-up loans scheme

The government has extended its start-up loans scheme to those aged up to 30 with an additional £30m to the funding pot.

The scheme offers entrepreneurs loans of around £2,500 to help them start businesses and had originally been aimed at 18 to 24-year-olds.

The increase takes the total funding available to £112m over the next three years and is expected to help boost the scheme, which has so far got off to a slow start.

The initiative was announced at the end of May but has since only lent out £1.5m to 460 companies. More than 3,000 entrepreneurs have applied for the loans so far, however if the target is to be met then almost 45,000 will need to take out the loans.

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