Start-up scheme will help to drive economy, say UK officials

A start-up scheme launched by the Government will help to drive the economy, according to officials.

The Start Up Loans Company, which was established by the Department for Business, Innovation & Skills in 2012, has so far helped to create 50,000 jobs.

Pledge

The scheme has delivered 36,000 loans so far, providing Britain’s start-up companies with a total of £200 million.

The latest figures released by the scheme showed that a fifth of these loans were awarded to young entrepreneurs aged 18 to 34. Nearly 50 per cent of these were previously not in formal employment, education, or training.

Minister for Small Business Anna Soubry has now made a pledge to expand the scheme and set up 75,000 loans to “create jobs, drive the economy and turn people’s dreams into reality.”

Landmark

Start Up Loans Company CEO Tim Sawyer commented on the success of the scheme so far, stating that it was “great” to see such demand for finance from Britain’s aspiring business owners.

“Reaching £200 million is an important landmark. Over the past four years our loans have helped create more than 50,000 jobs and for every pound invested we have returned £3 to the economy,” he said.

He added that 2016 looks set to be “another busy year for micro-businesses” and that the Start Up Loans Company is proud to be able to support this growth.