The government has pledged to triple the number of businesses backed under the Startup Loans scheme.
In a speech announcing the next phase of policies to be included in the Conservative Party manifesto, David Cameron announced that the number of loans would rise from 25,000 to 75,000 over the next five years in the event that his party wins the next election, with at least £300 million lent in total.
Mr Cameron said: “The Conservatives are the party of small business. We’re the party of the roofers and the retailers, the builders and the businesswomen. We’re the ones who back people who strike out on their own, take the risks, and create wealth and jobs in the country.”
First launched in 2012, the scope of the Startup Loans scheme grew the following year when it was announced that the upper age limit on the loans was to be removed. Prior to that, Startup Loans had only been available to those aged between 18 and 30.
Startup Loans have become an increasingly popular method of finance for new businesses.