Government hands out its 20,000th Start Up Loan
Today marks that day that the government delivered the 20,000th of its prolific Start Up Loans.
Melissa Mailer-Yates was the 20,000th recipient as she was awarded £6,000 towards the development of her creative company Shakespuss & Co Ltd. She will be using the financial injection to create an animated series that will introduce children to Shakespeare.
Mailer-Yates has said that without the Start Up Loan, she wouldn’t have been able to capitalise so effectively on the growing interest that her business is already receiving.
This transaction means the government has now given out £100m of funding to startup ventures across the UK as part of the scheme, which typically offers loans of around £1000-£10,000 entrepreneurs looking to turn concept into ROI.
Business secretary Vince Cable said:
“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.”
Source: Real Business