Prime Minister announces 20,000th loan under British Business Bank-backed Start Up Loans initiative

20,000 Start Up Loans have been awarded, offering a total of more than £100 million to entrepreneurs in the UK.

The Prime Minister has announced today that the government has reached 2 significant milestones in the long-term economic plan by awarding the 20,000th Start Up Loan and taking the total amount offered to entrepreneurs to over £100 million.

The Prime Minister will meet a number of businesses on a regional tour in the North West, including a recipient of a Start Up Loan. Start Up Loans provide financial support and mentoring to individuals seeking to start a business.

Prime Minister David Cameron said:

“As part of our long-term economic plan we are backing business and ensuring our budding entrepreneurs get the finance and support they need to kick-start and grow their businesses.

“Business and enterprise mean more jobs for hard working people; more opportunities for people to break out on their own and be their own boss; and more prosperity and economic security for us all.”

The 20,000th Start Up Loan has been awarded to Melissa Mailer-Yates, 55, from Stratford-upon-Avon. Melissa will use her loan of £6,000 to finance Shakespuss & Co Ltd, which is developing animated characters aimed at introducing children to Shakespeare plays.

In reaching this significant milestone, the government is now two thirds of the way towards supporting 30,000 new businesses with £151 million by 2015.

Start Up Loans is one of a range of government-backed access to finance schemes that are being brought together under the British Business Bank.