The Government’s Start Up Loan scheme has approved its 25,000th business loan – taking the total amount lent to new firms to nearly £130 million.
The scheme provides financial support and mentoring to entrepreneurs looking to set up their own business.
According to the Start Up Loan Company, more than 32,000 new jobs have been generated as a result of the scheme since it was launched in 2012.
Nicola Weeks from Bedford was awarded the 25,000th loan, a total of £8,500 to finance her wedding business, George James Bridal.
Prime Minister David Cameron said supporting new small businesses was a key part of the government’s long-term economic plan.
“That’s what our Start Up Loans are all about – it’s great news that 25,000 loans have now been issued, giving people who want to work hard and get on the tools and confidence to turn their entrepreneurial vision into a reality,” he said.
Business Secretary Vince Cable said: “Helping businesses to access the funds they need to grow is key to our recovery and through schemes like Start Up Loans the government is supporting serious volumes of lending to small and medium-sized businesses.”
James Caan, chairman of the Start Up Loans Company said: “The creation of 25,000 new businesses is a significant achievement and everyone involved – the government, the Start Up Loans Company, and the loan recipients themselves, should be immensely proud.”