Richard has welcomed the news that the Start Up Loans Programme has delivered 139 loans in North East Bedfordshire, worth £1,405,898 since it started 10 years ago and that it has been widened to help even more small businesses..
Start Up Loans was established as a £10m pilot scheme by Lord Young in 2012, in the shadow of the 2008 financial crisis. His vision was to enable more young people to achieve their dream of setting up their own business, by providing access to affordable loans and expert support to those who might otherwise struggle to access funding. Start Up Loans provide a fixed interest rate of 6%, as well as mentoring, support and funding to aspiring business owners across the UK, providing support to those who might find it difficult to secure loans from traditional lenders.
Since then, the programme has delivered more than 97,000 loans to business owners across the UK, amounting to more than £900m of funding, while expanding to support entrepreneurs of all ages. 40% of loan recipients have been women and 21% people from minority ethnic backgrounds. 40% of recipients have been aged 18-30, reflecting the scheme’s continued support for the next generation of UK business owners.
Recently, the Business Secretary widened eligibility of the Start Up Loans scheme to businesses trading for up to 3 years. With 33,000 new loans available, the programme’s eligibility has been expanded to support businesses trading for up to 3 years, up from 2 years. Businesses can apply immediately under the new criteria.
Alongside this, a new second loan will be available to businesses operating for up to 5 years, providing eligible businesses between 3 and 5 years old a much-needed government-backed finance to support their expansion at a crucial juncture.
Richard Fuller MP said:
Encouraging entrepreneurship and new businesses to thrive is critical to growing the economy and raising living standards and I welcome the announcement that 139 loans worth £1,405,898 have been delivered to help businesses in my constituency.
You can find more information on Start Up Loans online here.
