Latest news: Start-up funding scheme now open

The Start-Up Loans Company is now open for business and ready to invest millions of pounds in Britons aged between 18 and 24 who want to start their own venture. 09/10/2012

The organisation, which was officially launched in the Budget 2012, will have £10million available to it at first as part of a pilot trial.

It will then be given a further £32.5million in the 2013/2014 financial year, then another £40million in 2014/2015 by the government if the scheme proves to be a success.

According to the Start-Up Loans Company, it is already helping young people to start their own business - close to 2,000 applications have been received so far - but now wants more applicants.

Chairman James Caan, who starred on TV’s Dragons’ Den and is the enterprise advisor to the prime minister, revealed that the launch of the programme comes as an extra £50million of corporate support has been secured from firms such as eBay, Regus UK and PayPal.

He stated, 'Start-Up Loans Company aims to stimulate entrepreneurship across England and highlight starting a business as a viable career option for young people.

'I know from personal experience both how exciting and challenging it is to start a business but with the mentoring advice we provide and the corporate support we have from Regus and PayPal we can make a huge difference to these new businesses.

'I encourage everyone aged 18 - 24 to apply and see where their business idea can take them.'

For more information, or to apply for a loan, visit Start-Up Loans .