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Start-Up Loan pot to help new businesses launch grows to £110m
Cameron has also said that due to high demand for the scheme and the challenges faced by those trying to secure loans to start a business, the age limit for the application will be extended from 24 to 30 years old.
Support typically comes in the order of £2,500 with a repayment period of up to five years. The interest rate will be at RPI plus 3 per cent and loads will only be available in England.
Although the loans are open to any new business looking to get help – including creative firms – the government has turned the spotlight on the technology start-up scene in the UK, with specific focus on the Tech City initiative in London's East End.
"Start-Up loans are an important part of my mission to back aspiration, and all those young people who want to work hard and get on in life, so this country competes and thrives in the global race," said Cameron.
"They are a great way to help this next generation of entrepreneurs get the financial help - and the confidence - to turn that spark of an idea, into a growing, thriving business."
He added: "It is by backing our entrepreneurs and championing small business that we can drive forward and grow the economy, and equip this country for the highly competitive era we are in."
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