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MP encourages Start Up Loan scheme

December 10, 2013 11:55 AM

Tim in WestminsterSouth Lakes MP Tim Farron is encouraging local entrepreneurs to take advantage of the Government's Start-Up Loans scheme. The scheme is a government-funded initiative that provides start-up support in the form of a repayable loan together with a business mentor for entrepreneurs across the country. So far, 10,000 loans have been awarded to entrepreneurs worth a total of £50 million.

Start-Up Loans are designed to go some way to help solve the problem of supporting people who have a feasible business idea but no access to finance. With finance and mentoring available to entrepreneurs, the scheme is helping to support small businesses and aims to help 30,000 new businesses by 2015.

In an answer to a parliamentary question to Tim, the Government confirmed they had made 22 loans in Cumbria, with a total value of £168,700, since the start of the scheme in September 2012.

Commenting, Tim said: "People wanting to set up a new business can often find it hard to get a loan. We need to support entrepreneurs and small businesses and ensure that good business ideas don't go to waste. It is great that the Government's Start-Up Loans scheme is supporting so many entrepreneurs across the country, and I hope we can see even greater take-up in Cumbria to ensure that local people are not missing out."

For more information on Start-Up Loans see www.startuploans.co.uk