The Government has announced today (3rd January) a £30 million boost to Start-Up Loans to create thousands of new businesses and help young people find jobs in Lichfield and the West Midlands. Michael Fabricant says: “I would encourage any budding entrepreneur in Lichfield or the West Midlands to apply for a Start Up loan to get their business ideas moving. This extra funding will make a huge difference to the hundreds of young people in the West Midlands who have always aspired to own their own business, helping new companies get started and bringing jobs and growth to our economy.

“The Government is increasing loans to small companies, investing in innovation and cutting corporation tax to make sure Britain can build the best businesses and compete in the global race. And if any local companies are experiencing difficulties obtaining loans through this scheme, they should contact me!” Michael adds.

The Prime Minister’s announcement brings the total pot for Start-Up Loans to more than £110 million over the next three years and will see the age range extended to 30 years old, enabling more people to take advantage of this fund.

New figures have shown that in the first three months of the scheme alone, over £1.5 million worth of loans have been approved, helping nearly 500 new businesses get off the ground. The West Midlands has received 14 per cent of the total loans which have been awarded so far.

James Caan, Chair of the Start-Up Loans Company says: “There has been a major shift in the way business is viewed by the public, and entrepreneurs are now seen as creative and exciting role models; and I am delighted to see that more and more young people are now looking to set up their own business. It is only with this renewed focus on youth entrepreneurship, that we will create more jobs and wealth and see the economy flourish once again.

“Start-Up Loans enable young people to harness their skills, and gives each budding entrepreneur not just a low interest loan, but also the help and support from an experienced mentor to guide them to success. I am proud to chair the Start-Up Loans Company, responsible for delivering this excellent initiative.”