The Start-Up Loan Scheme (SLS) has delivered support to 2k young entrepreneurs and has helped to start 1k businesses in the past month alone.
SLS is a government backed scheme, chaired by Dragons’ Den entrepreneur James Caan, that provides young entrepreneurs between the ages of eighteen and thirty with a loan, typically £2.5k, and a business mentor. It has surpassed its £10m pilot spend as demand has been high and Parliament recently passed an immediate £5.5m injection of funding to sustain its commitment to applicants until the end of the month. Demand has been driven by post-financial crisis barriers to seed funding while those young with crisis-dampened career prospects have been eager to use the scheme as an avenue for self-employment.
David Cameron, Prime Minister and leader of the Conservative Party, commented that “the success of this scheme shows that young people have got the ideas, the ambition and sheer commitment to get ahead”.