Prime minister announces £69 million Start-Up Loans package

The Prime Minister is determined to help people who want to strike out on their own, helping small businesses to get on, while creating jobs and a boost to the economy.

Over 30,000 new businesses have been created with support from government schemes in the last 2 years alone.

The new funding will build on this momentum and includes:

  • business mentoring and funding for people who are unemployed but want to start up a company. The New Enterprise Allowance will be extended for new starters up until the end of 2014, providing an additional 60,000 mentoring places for claimants. The scheme has already helped to create more than 26,000 businesses.
  • £34 million for Start-Up Loans that will support around 7,600 businesses. The scheme has already proved incredibly popular with around 35,000 people formally registering an interest in a loan and nearly 8,000 start-ups helped.

The Prime Minister will host a Downing Street reception to celebrate British enterprise today attended by more than 70 new British businesses who have benefited from the New Enterprise Allowance and Start-Up Loan schemes.

"I am determined to do all I can to support the British economy and that includes helping small businesses and budding entrepreneurs to get on," Prime Minister David Cameron said.

"In the last two years we have helped tens of thousands of people to turn their ideas into a viable business, and this additional support will help thousands more.

"My message is simple: if you have drive, determination and are prepared to work hard, we will back you."

Read more