By Daniel Hunter
The government backed lending scheme Start-Up Loans has recently launched its' 3000th business, the average loan size is £4,500 and the company is on target to lend to 10,000 brand new start-up businesses by 2014.
In England today there are 9 million 18-30 year olds, of which 11% say they want to start their own business. This equates to tens of thousands of young people with the desire to be an entrepreneur, but with no access to the funds or expertise required to unleash their talent.
With 15% of the Start-Up companies in business services, 30% in fashion and beauty, and 11% in manufacturing the company has enjoyed a resoundingly success pilot period.
The Start-Up Loans Company is unlocking the great entrepreneurial spirit we possess in the England. Many ambitious entrepreneurs aged 18-30 have now had their businesses backed by the government scheme that is chaired by Dragon's Den entrepreneur, James Caan. Currently 17% of all loans have been taken up in the North-West, and 10% in Yorkshire and Humber demonstrating the regional desire of young people to be their own boss.
Within less than a year, the company has achieved some exceptional milestones. These statistics highlight the wide range of individuals and businesses that the scheme is supporting and will continue to support going forward, despite the declining funding being offered from the traditional high street bank.
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