The Government’s Start-Up Loan scheme has exceeded expectations, with more than 2,000 young entrepreneurs receiving support under the initiative.
Over 1,000 new businesses were granted a loan in the last month alone, the Government revealed.
Chaired by entrepreneur and Dragons’ Den panellist James Caan, the scheme grants loans of around £4,500 to help 18 - 30 year olds in England start up their own business.
The loans must be repaid within a maximum period of five years, with interest charged at a rate of RPI plus 3%.
Successful applicants are also offered mentoring as well as free products and services from sponsors and partners.
The scheme was originally targeted at 18 - 24 year olds but it was extended earlier this year to include individuals up to the age of 30.
Commenting, James Caan, said: ‘Whilst we are well ahead of our target numbers, I believe we are only scratching the surface. Two thousand young and ambitious people have taken their future into their own hands. At the moment 40 people a day are launching their own business with Start-Up Loans’.
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