Help for young entrepreneurs

Thousands more young people could benefit from government loans which aim to turn their business ideas into reality. The 'Start-Up loans scheme' is being boosted by £30 million to £110 million over three years.

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'£2,500 may not get a business very far'

Finance continues to be hard to get for people that want to set up a business, so it is good news that more funding is now available to more people.

However, in some cases £2,500 may not get a business very far so we would call for a more flexible approach where a start-up could apply for more if needed.

We also believe that delivery of this finance should be through the business bank once it is established so that all Government finance initiatives are housed under one roof.

– John Walker, national chairman of the Federation of Small Businesses

Small businesses let down by Government says Labour

With our economy flat-lining it’s essential that initiatives like the Start-Up loans scheme are delivered effectively if they are to provide real opportunities for our young entrepreneurs.

That’s why it was disappointing that figures released at the end of last year suggested delivery of this scheme, like so many others from this Government, was not living up to David Cameron’s rhetoric.

As Ed Miliband said in his New Year message, building a One Nation economy means supporting the small businesses and entrepreneurs that have been let down by this out of touch Tory-led Government.

– Chuka Umunna MP, Labour’s Shadow Business Secretary

James Caan: Entrepreneurs seen as 'role models'

There has been a major shift in the way business is viewed by the public, and entrepreneurs are now seen as creative and exciting role models; and I am delighted to see that more and more young people are now looking to set up their own business.

It is only with this renewed focus on youth entrepreneurship, that we will create more jobs and wealth and see the economy flourish once again.

Start-Up Loans enable young people to harness their skills, and gives each budding entrepreneur not just a low interest loan, but also the help and support from an experienced mentor to guide them to success.

– James Caan, Chairman of the Start-Up loan scheme

Cameron: Loans are 'important part of my mission'

Start-Up loans are an important part of my mission to back aspiration, and all those young people who want to work hard and get on in life, so this country competes and thrives in the global race.

They are a great way to help this next generation of entrepreneurs get the financial help - and the confidence - to turn that spark of an idea, into a growing, thriving business.

It is by backing our entrepreneurs and championing small business that we can drive forward and grow the economy, and equip this country for the highly competitive era we are in.

– David Cameron

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Government expands Start-Up loans scheme

Prime Minister David Cameron hopes the scheme will help the next generation of entrepreneurs Credit: Luke MacGregor/PA Wire

David Cameron has announced that thousands more young people could benefit from government loans which aim to turn their business ideas into reality.

The Dragons Den-style 'Start-Up loans scheme' is being boosted by £30 million to £110 million over three years.

According to Downing Street, because of the "high demand", the age limit for applying for a loan is being raised from 24 to 30.

Despite criticism that only a few hundred loans have been finalised since the scheme was launched last Autumn, Number 10 insisted that it was on target to issue more than 2,500 loans by March.