Member Article

North West firms boost startup loan applications

North West businesses raced to apply for the Government’s start up loans after a visit from the Prime Minister last week.

The Government saw a surge of over 200 requests for the loans following a £30m boost to the initiative, announced by David Cameron at the beginning of the year.

The PM visited Preston to announce the scheme’s expansion, and prompted more than 100 new requests on the day, which totalled over 200 loan applications from young entrepreneurs in the past week.

Mr Cameron said the age limit for start up loan applications will be lifted from 24 to 30-years, and £110m will be pumped into the programme in the next three years.

He said: “Start-Up 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 was really good to meet some brilliant entrepreneurs in Preston who have got their loans and have got great businesses underway.

“Some of them are already employing people, which is great news for them and great news for the economy.

“These loans are a brilliant way to help this next generation of entrepreneurs get the financial help - and the confidence - to turn that spark of an idea, into a growing, thriving business.

“It is by backing our entrepreneurs and championing small business that we can drive forward and grow the economy, and equip this country for the highly competitive era we are in.”

Loans in the North West will be delivered by Business Finance Solutions (BFS), who have received a total 593 applications since the scheme was launched in May 2012.

Paul Breen of BFS said: “The North West is home to some truly extraordinary young entrepreneurial talent and our clear message to them is that if you have an idea and the ability to run and grow your own business, we have the funding and support to help you.

“The hundreds of enquiries and requests for applications that we have received in the last few days really do highlight the appetite and ambition for growth among young people in the region.”

Four successful loan applicants from the North West attended Mr Cameron’s announcement, where they presented their companies to the PM and Dragon’s Den entrepreneur James Caan.

Alexandra Smith, head of catering firm LadyNom, was one of the successful businesses at the event.

Ms Smith commented: “When I woke up on the morning of the event I never thought that I would get the opportunity to present my food to both James Caan and David Cameron in the same day.

“It was a great opportunity to talk to them both about all the work that has gone into my business in the past 12 months and the Prime Minister was genuinely interested in what we were doing and what we had to say.

“It was really inspiring to meet James Caan too who has been where we are and to talk to him about how we can make a success of what we’re doing. He was really encouraging and supportive of my idea.”

This was posted in Bdaily's Members' News section by Miranda Dobson .