The Start Up Loans Company Celebrates One-Year Anniversary
The government-funded scheme provides crucial support in the form of a repayable loan coupled with a business mentor for enterprising individuals seeking both the capital and expertise critical to the successful start of any business.
Businesses that have been launched by The Start Up Loans Company represent the spectrum of sectors for start ups, including fashion, construction, food, technology and textiles.
• The average loan size is £5720
• The gender balance of successful applicants is 36% female, 64% male
• Supporting over 200 businesses every week
• Over 8,000 businesses have been backed so far
• 45% of Start Up Loans applicants were previously unemployed
Start Up Loans have been aimed at applicants aged 18-30 for the first year up until now. With the call for lifting the age cap, the initiative was recently allocated a further £34m of funding by Prime Minister David Cameron in a special Downing Street ‘enterprise showcase’ attended by 60 loan recipients.
The Chairman of the company James Caan, commented on the success of Start Up Loans : "We have gone through an incredible journey, and through the creation of nearly 8,000 businesses, are indicating both the appetite and feasibility of a scheme like this to give back to the economy. We were given £10m to pilot the idea, and now we’re set to lend £151m to support the ideas of entrepreneurs across the UK. As a start up ourselves, the progress we have made has been incredibly exciting.
We are beginning the second year with ever more expansion. With the lifting of the age cap, I'm eager to see entrepreneurship grow, particularly amongst armed forces personnel, mothers returning to work and those over 50, allowing them to turn their skills and passion into successful new businesses."
The Start Up Loans Company will soon be undertaking a wider roll-out of the scheme across the UK, working closely with the Scottish Government and the Welsh Assembly. This follows an expansion of Start Up Loans to entrepreneurs in Northern Ireland earlier in the year.
Media enquiries should be directed to email@example.com or 020 7932 1599
A range of loan recipients are available to talk to the press.
Managing Director Tim Sawyer and Creative Director Yasmina Siadatan of Start Up Loans are also available for interview.
Potential loan applicants should contact firstname.lastname@example.org