Start-up loan scheme extended by government

The government is to extend its start-up loans scheme to people aged up to 30-years-old to encourage small business growth.

Previously, the £2,500 entrepreneur loans had only been available for people aged between 18 and 24-years-old, but ministers have widened this to encourage people to take their ideas to the market.

According to government figures, some £112 million will now be made available - up from £82 million - with £1.5 million of this already distributed.

Prime Minister David Cameron explained: "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."

He added that it is a "great way to help this next generation of entrepreneurs" and the country as a whole.

It comes as Labour calls for the government to introduce a Small Business Saturday, a one-day celebration of independent firms.

Posted by Thomas Fletcher

Last updated: 3rd January 2013