Expansion for Start-up Loans

The Government recently announced it is expanding the age range for eligibility for its start-up loans from 24 to 30.  The loans can be for up to £2,500.

Government funding for start-up loans will rise from £82m to £112m.  The target is to lend all £112m by April 2015.

Prime Minister David Cameron said, when announcing the scheme, that there were record numbers of new companies starting and that the start-up scheme was "absolutely vital for the future".

The start-up loans scheme is run by the Start-Up Loans Company, chaired by Dragons' Den entrepreneur James Caan.  Most of the entrepreneurs who have been helped so far feel that the most important part of the scheme is the advice and mentoring that they receive along with the funds.

Under the terms of the scheme, loans must be repaid within five years, and interest will be charged at the level of inflation measured by the Retail Prices Index (RPI), plus 3 per cent.

For further information/advice on this subject please contact Andrew Webb: andrew.webb@wardwilliams.co.uk or call 01932 830664.