The chairman of the Start-up Loans Company, former Dragons Den star James Caan has told ITV News that the loans are aimed at, "small businesses for local communities."
He added; "what my primary focus here is to get people up and running so they can start their own businesses so they're not depending on getting jobs."
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There was something very striking about the pact, which implies the new agreement could remain in place even if the prime minister does not.