Start Up Loans expands remit
The biggest hurdle for new business starts is without a doubt, accessing appropriate finance.By Jo Fulthorpe, business development director of the Business & Enterprise Trust.
The last few years have been tough for both parties, the new business start up and the financiers; with traditional forms of finance not being quite as easy to access. This is one of the reasons the government launched the Start Up Loans scheme.Initially piloted for the under 30 start up market, the Start Up Loans are now available for any individual wishing to start up their own business or any new start business less than 12 months old.
A private company established as part of a government funding initiative, The Start Up Loans Company provides start up support in the form of a repayable personal loan and a business mentor for new starts across the UK.Operating through a network of delivery partners, of which Business & Enterprise Trust is one, we can lend to those with a feasible business idea but without access to finance with reasonable rates and terms. Support in business planning and post loan mentoring is also on offer.
Backed by James Caan, who is the chairman of the Start Up Loans Company, Lord Young, who created the scheme, identified that if entrepreneurialism was the same in Britain as in the USA, we could potentially have 900,000 more jobs across the UK.With unemployment at a high in 2012 when the scheme was launched and the job market tough, self-employment is now a more viable career path for all.
Since that time the Start Up Loans Company has lent close to £95m to 19,000 businesses across the UK. Business & Enterprise Trust, which is a delivery partner across Lancashire and indeed the North West has this year £2.2m to lend to start ups across the county and beyond.