The government’s flagship Start Up Loans fund has delivered its 20,000 bung, ministers announced yesterday.
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The government’s flagship Start Up Loans fund has delivered its twenty-thousandth bung, ministers announced yesterday.
The scheme was designed to supplement funding opportunities for start-up businesses with good ideas but no way of securing finance for them.
Loans range from £1,000 to £10,000 and in total the scheme has leant £100m to UK start-ups.
Commenting on the news, business secretary Vince Cable said: "The economic hardship we’ve experienced over the last few years has not stopped the flow of business ideas and people wanting to start up their own companies.
He added: "This British entrepreneurial spirit, backed by our loan scheme, will help create the iconic companies of the future."
The twenty-thousandth loan went to Melissa Mailer-Yates and her business Shakespuss & Co. The business introduces Shakespeare to children in an accessible way. It received £6,000.