£150m Start Up Loan age limit removed

Entrepreneurs of all ages can now apply for more than £150 million worth of government funding.

The Start Up Loans scheme has now been extended, with the application process available to entrepreneurs aged 18 and over. Loans had previously only been on offer to those aged between 18 and 30.

The scheme, which offers loans and mentoring to successful applicants, is now also available in Wales.

Business secretary Vince Cable said: “Last year there were a record number of start ups in the UK, supporting our efforts to make this the best place in the world to start and grow a business.

“The Start Up Loans scheme continues to thrive, with 8,000 loans worth £45 million already advanced. This welcome extension to Wales will provide even more opportunities for budding entrepreneurs to gain access to finance and receive professional business mentoring to help them start and run a successful enterprise.”

Secretary of state for Wales David Jones added: “Unleashing the potential that Welsh entrepreneurs and our small businesses have is critical if we want to see the economy continue on its journey from rescue to recovery.

“From Village Bakery in Wrexham to Smart Solutions Recruitment in Newport, small businesses owners across the length and breadth of Wales have been harnessing the drive and ambition needed to expand and to create new jobs. It is clear that there is real scope to be entrepreneurial in Wales - and to succeed.

“The roll out of the Start Up Loan scheme in Wales will provide many more of our budding entrepreneurs with the opportunity to join in this success. I would encourage them to seize the support available to strike out and to turn their ideas into the viable, successful businesses of the future.”

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