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The Start Up Loans Company is a government funded initiative that provides start up support in the form of a repayable loan together with a business mentor for entrepreneurs across England and Northern Ireland.
Lord Young, Godfather of the scheme, identified that if entrepreneurialism was as entrenched into the British mentality as it is in the United States, we would potentially have 900,000 more jobs across our country. With high unemployment, and the job market in a tough position, self-employment is being seriously considered as a viable career path.
With this logic in mind, The Start Up Loans programme was created within The Department for Business, Innovation and Skills, which is headed up by The Secretary of State Vince Cable. It was designed to go some way to help solve the problem of supporting people who have a feasible business idea but no access to finance. With a view to providing a robust SME sector of tomorrow, The Start Up Loans programme aims to equip enterprising individuals with the tools needed to make their businesses a success.
Since then, we have grown to a team of over 20 full-time employees, managing everything from strategic decisions to financial management, through to communications and everything in between. Meet the team.
We do not work alone. The Start Up Loans Company operates through a network of Delivery Partners across the country, who support entrepreneurs in all industries and sectors. We also receive support from Corporate Partners, who offer business benefits to our young entrepreneurs.
So far our success speaks for itself. By the end of the pilot period in March 2013, The Start Up Loans Company had exceeded all expectations, finishing under budget yet over target. Securing further funding from Government indicated both the appetite for entrepreneurship and the feasibility of the scheme.