August 01, 2014 - Rachel Miller
The Start Up Loans Company has now offered more than £100 million to entrepreneurs wanting to set up their own business.
It reached this target after offering its 20,000th loan, to an entrepreneur in Stratford-upon-Avon looking to start a business making Shakespeare accessible to children through animation.
Melissa Mailer-Yates, 55, a portrait artist, has been offered £6,000 after she submitted an application and business case to the Start Up Loans Company, funded by the Department for Business, Innovation and Skills (BIS).
Melissa will use the loan to finance Shakespuss & Co, developing animated characters aimed at introducing children to Shakespeare’s plays.
Business secretary Vince Cable said: “Reaching this milestone shows how fertile the ground is for enterprise. The economic hardship we’ve experienced over the last few years has not stopped the flow of business ideas and people wanting to start up their own companies. This British entrepreneurial spirit, backed by our loan scheme, will help create the iconic companies of the future."
Business minister Matthew Hancock said: “Start-ups are a key part of our long term economic plan to build a brighter and better Britain. Today’s start-ups are tomorrow’s global leaders and that’s why it is so important that the Start Up Loans Company provides not only the funding, but also mentoring to help starts-ups thrive.”
The government has set a target of awarding 30,000 loans with a total value of £151 million through the Start Up Loans scheme by 2015.
James Caan, chairman of the Start Up Loans Company, said: “This significant milestone is a great example of all the good work the team at the Start Up Loans Company are doing to help aspiring entrepreneurs of all ages across the country realise their dreams. Hopefully it will only be a matter of time before we are celebrating the 30,000th loan.”