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News - 9 January 2013

New boost for the Start-Up Loan Scheme.

The government is expanding its start-up loans scheme, which offers young entrepreneurs loans of about £2,500 to help them start businesses.

The scheme had originally been aimed at 18-to-24-year-olds, but is now being expanded to those aged up to 30. The funding now available is being boosted by £30m to £112m over three years to help growth

More than 3,000 people have applied for the loans so far, but if the target is to be met then almost 45,000 entrepreneurs will have to take out the loans. The target is to lend all £112m by April 2015.

The Start-up Loans Company is chaired by James Caan (from the TV programme Dragons' Den) said:
"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."

Tonmoy Kumar, Manager of the Accounts Department of ABDS comments:
“They are a great way to help this next generation of entrepreneurs get the financial help - and the confidence they need. They have generally been welcomed by business groups, although there have been suggestions that the £2,500 on offer may not be enough to make a difference.”

If you need any help and advice when starting up a new business contact Lavinia Newman, Stuart Coleman or Tonmoy Kumar to discuss how ABDS can help

ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900  E-mail: abds@netaccountants.net

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