The Government is making an extra £69m available for loans to start-up businesses as a way of creating jobs and boosting the economy.
Ministers say more than 30,000 new businesses have been created over the last two years with support from government schemes including Start-Up Loans and the New Enterprise Allowance.
It’s hoped the new funding will build on this momentum by providing help to unemployed people who want to set up a business.
The Start-Up Loan scheme helps people turn their business ideas into reality with mentoring support and an average loan of £4,500. The new funding will ensure there are more loans for those over 30 and specific support for ex-Service personnel.
The New Enterprise Allowance offers expert business mentoring and financial support to people living on benefits and has been behind a wide range of new ventures since it was introduced in 2011. About 2,000 new businesses are being set up every month. Referrals to the scheme were due to end in September but will now continue until the end of December 2014.
The beneficiaries of the schemes come from all ages, with more than 6,000 businesses started by people aged 50 or over – challenging the idea that entrepreneurial zeal is solely a youthful attribute.
Almost 4,000 disabled people were also helped by the scheme to become their own boss.
Prime Minister David Cameron said: “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.
“My message is simple: if you have drive, determination and are prepared to work hard, we will back you.”
Setting up a new business can be exciting but there can be several pitfalls. Start-up businesses need to consider a variety of issues ranging from employment matters to business contracts and leasing agreements.
We have helped numerous new businesses get off the ground and are able to offer advice on such things as whether to set up as a sole trader, partnership or a new company. We also have valuable contacts including accountants, surveyors, valuers and financial advisers who can provide added value to the services we provide.
Please contact Charles Goodbody in our Warminster office on 01985 214444 or email email@example.com if you would like more information about starting up a new business.