Start Up Loans hits £100million funding mark » SMEInsider

Start Up Loans hits £100million funding mark

A scheme fronted by former Dragon’s Den investor James Caan has now given out over £100 million in funding to new businesses, it was revealed yesterday.

The Start Up Loans Company, which was set up by David Cameron’s enterprise advisor Lord Young in 2012, has so far given out 20,000 loans worth £100million to British entrepreneurs – two third of its funding goal by 2015. The 20,000th loan, for £6000, went to a business in Stratford-upon-Avon.

“This significant milestone is a great example of all the good work the team at the Start Up Loans Company are doing to help aspiring entrepreneurs of all ages across the country realise their dreams”, said Caan. “We are proud to be part of Britain’s economic revival and we will continue to strive to help the scheme growth. Hopefully it will only be a matter of time before we are celebrating the 30,000th loan.”

“The economic hardship we’ve experienced over the last few years has not stopped the flow of business ideas and people wanting to start up their own companies,” added Business Secretary Vince Cable. “This British entrepreneurial spirit, backed by our loan scheme, will help create the iconic companies of the future. Reaching this milestone shoes how fertile the ground is for enterprise.”

Recently, the Start Up Loans programme has expanded to include a partnership with Richard Branson’s new Virgin StartUp programme. In October last year, it was announced that Branson’s initiative would work with the Start Up Loans Company to provide loans to entrepreneurs aged 18-30.