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Saturday, 19 April 2014

Government expands start-up loans scheme

The Government is today expanding a start-up loans scheme for young entrepreneurs.

The scheme will now provide loans of up to £2,500 to those aged up to 30 rather than the original 18-to-24 age limit.

Young entrepreneurs are also offered advice to help them with their new businesses.

The Start-up Loans Company is chaired by James Caan, who is best known for his appearances on the television programme Dragons' Den.

"There has been a major shift in the way business is viewed by the public, and entrepreneurs are now seen as creative and exciting role models," said Mr Caan.

"I am delighted to see that more and more young people are now looking to set up their own business.”

The loans must be repaid within five years, and interest will be charged at the level of inflation measured by the the Retail Prices Index (RPI), plus three per cent.

 

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