Business owners may now have access to more government funding, following a recent announcement by David Cameron. The prime minister revealed that funding through the Start Up Loans initiative will be more widely accessible for small enterprises, entrepreneurs and start-up businesses.
Mr Cameron made the announcement at an event held at 10 Downing Street. There, he acknowledged the value of small businesses and the substantial impact they have on the UK economy. The event was held as part of the government’s GREAT initiative, a promotional campaign which seeks to highlight the best aspects of British culture.
The announcement at 10 Downing Street drew nationwide attention to the importance of small enterprises, as they account for 99.9 per cent of all businesses in the country.
By lifting the cap on the Start Up Loans initiative, the prime minister seeks to further strengthen the small business sector. In his announcement, prime minister David Cameron revealed that entrepreneurs will have increased access to advice, support and crucial funding which has the potential to make or break fledgling businesses.
Business secretary Vince Cable highlighted past successes of the programme: “Many of the measures we’ve focused on so far such as better access to finance, mentoring and scrapping red tape have already helped. There are a record 4.8 million small businesses in the UK, and the figures have suggested record numbers of start-ups. Five thousand of them are now being backed by our Start Up Loans scheme, which is rolling out rapidly.”
Many successful entrepreneurs who have received aid through the funding scheme attended the event. The prime minister showed his support alongside ministers from the Department for Business, Innovation and Skills. Several guests also expressed gratitude for government lending, saying it helped them get their business off the ground, and made them more competitive in a difficult economic climate.
Take advantage of the government lending scheme to maximise your business’s potential. Find out whether you qualify by visiting the government’s website. Consult expert accountants for small businesses to stay on top of your budget and ensure every penny of financial assistance is well-spent.