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Government-funded scheme, Start Up Loans, reached a new milestone when they announced on Wednesday £250m had been made available to UK entrepreneurs since its launch in 2012.

The scheme encourages entrepreneurs to continue setting up businesses in the UK, and provides help to those who are unable to self-fund their start ups.

Business and energy secretary, Greg Clark, said: “British entrepreneurs and small businesses are the backbone of our economy.”

Clark stated that for every £1 spent of the scheme, £3 is invested back into the economy. He assured the government will continue to help entrepreneurs fund their start ups: “This government will build on the success of Start Up Loans to give entrepreneurs the support and opportunities they need to start a business, grow it in Britain and turn it into a global success story.”

The Start Up Loans scheme is funded through the British Business Bank and offers an average figure for a typical loan of £5,286. An estimated 41 businesses are backed by the scheme each day.

Tim Sawyer, the CEO of Start Up Loans Company, said: “Hitting our £250 million lending milestone is a significant landmark for Start Up Loans Company. Since the launch almost 4 years ago our loans have helped create more than 45,100 jobs”.

Sawyer also commented on the future of micro-businesses in the UK, and how they will continue to contribute to the economy: “Seeing such a great demand for finance from Britain’s would-be micro-business owners is a great indication of the appetite for growth in this sector.”

In order to qualify with Start Up Loans, businesses must be in their initial phase of setting up without debt or a developed infrastructure.

Are you thinking of applying for a Start Up Loan? You can find out more information about the scheme here.

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Stephanie Whalley

Serial snacker, compulsive cocktail sipper and full time wordsmith with a penchant for alliteration, all things marketing and pineapple on pizza.

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