At Bizspace we are committed to helping start-up businesses to launch and grow, so we are delighted to hear that the Start-Up Loans Scheme could soon be open to budding entrepreneurs of any age.
We have supported the Government-backed scheme since 2012, which is overseen by former ‘Dragon’ James Caan and the Start-Up Loans Company. Currently it is open to 18-30-year-olds who need help to turn a bright idea into a thriving business. But the age cap is due to be lifted, allowing anyone to access the pot of business funding.
The Start-Up Loans Company will now work with Government to set out a plan of action as to how to tackle the older market, with a view to being ready to offer the loans to the over-30s by the end of the summer.
Sales and Marketing Director at Bizspace, Emma Long, welcomes the news.
“It is vital to provide this type of support for young people who are looking to launch the UK’s next big business idea, but we should not forget that there are a wealth of older people who, particularly in the current climate, are also looking to start their own ventures,” she says.
“There will be thousands of people with a raft of industry experience under their belts, who may have been made redundant or are struggling to find a suitable position in these challenging times. It is fantastic that Start-Up Loans will now be available to a much wider range of entrepreneurs who could help make a real impact in the UK’s business landscape.”
Since autumn of last year, more than 3,500 people have got a loan from the company and received mentoring. More than 45% of those who have started their business under the scheme were unemployed before being granted the loan demonstrating the scheme’s potential impact on employment across the country.
Chairman of The Start-Up Loans Company, James Caan says: “I welcome Lord Young’s recommendation to remove the age cap for Start-Up Loans. Seeing the huge success of the programme to date exceeding our initial targets by 50% leaves me with no doubt that there is significant demand from more mature individuals who want a chance at being their own boss.”
Bizspace offers a range of resources and special offers to help start-up businesses to succeed. We can provide a wide variety of services for your new business, whether you need physical space in the form of an office, workshop, storage unit or services to support your business such as a mailbox or virtual office.