Government scheme approves 25,000th business loan

The Start Up Loan Company has approved 25,000 business loans, the Department for Business, Innovation and Skills has announced.

The Start Up Loans scheme is a government-backed fund designed to help entrepreneurs access finance. Successful applicants receive a repayable loan and are assigned a business mentor to help them launch their business.

According to the Start Up Loan Company:

• £129 million has been lent to aspiring entrepreneurs
• 32,000 new jobs have been generated.

James Caan CBE, chairman of the Start Up Loans Company, said:

"The creation of 25,000 new businesses is a significant achievement and everyone involved - the government, the Start Up Loans Company, and the loan recipients themselves, should be immensely proud."

Business Secretary Vince Cable said:

"Helping businesses to access the funds they need to grow is key to our recovery and through schemes like Start Up Loans the government is supporting serious volumes of lending to small and medium sized businesses."

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