Expansion of start up loan schemes

George Osborne has revealed the government will expand its Start Up Loan scheme for 2014 to fund a further 50,000 people in setting up businesses.

During 2012, the fund is estimated to have supported 10,000 companies.

To assist new businesses there will also be a substantial expansion of the New Enterprise Allowance, Enterprise Investment Scheme and Venture Capital Trust.  Other measures unveiled include an increase in higher apprenticeships, with an additional 20,000 places being made available over the next two years.

Osborne said “We’ve double the number of apprenticeships and now we will transform the way they are provided by funding employers directly through HMRC.  I can also announce a big expansion of Start Up Loans, through which a new generation of entrepreneurs is being created.  Up to 50,000 more people will be helped to fulfil their aspiration to start their own business.”