Many budding business enthusiasts could now get loans to start their own business as the government announces a boost to the loan scheme. The scheme is now being increased to £110m over the next three years with the hope that it will help to increase growth in business. Age limits for applying have been reviewed too and have risen from 24 to 30 years of age. This is mainly due to the high demand in applications being received.
The Prime Minister, David Cameron has commented ‘that the scheme initiative was on target to agree to more than 2500 loans by March’, this is despite reports that only a proportion of the loans had only just been finalised since launch date last autumn.
Many new business enthusiasts have registered their interest in the money and mentoring packages, which are only available in England and are through charity run organisations such as The Prince’s Trust. New businesses that are approved and deemed as a ‘strong business’ typically receive a £2,500 loan, which can then be repaid over a 5 year period with a low interest rate.
David Cameron has said ‘business startup loans are an important part of my mission to back aspiration, and all those young people who want to work hard and get on in life, so this country competes and thrives in the global race. It is a great way to help the next generation of entrepreneurs get the financial help, and the confidence and to turn that spark of an idea into a growing, thriving business’.
If you are thinking of starting a new business there are many areas that you will have to consider for your business to start up. Are you going to be working from home or at a business premises, are you going to have stock and business equipment, are you going to have employees and are you working with the general public? All of these and many more questions will need answers for when you start to look for your comprehensive tailored business insurance quotation.
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If you would like to speak with us today about your small business insurance whether it be for builders insurance, directors and officers liability insurance, beauty salon insurance or landlord property insurance give us a call. You can also complete a quote online with our online quoting tool.