Chamber welcomes increase in loan fund

A £30 million boost to the Government’s start-up loans scheme for young entrepreneurs has been welcomed by business leaders in Derbyshire.

Prime Minister David Cameron, said that the Coalition’s Young Person’s Loan Fund was now worth £110 million over the next three years.

The age limit for applying was also raised from 24 to 30 due to high demand.

Ian Greenaway, president of Derbyshire Chamber of Commerce, said: “Accessing finance can be a major stumbling block for many people wanting to start their own business, so the fact that more funding will now be available is welcome news.

“Funding is now available to even more people with the ideas, skills and ability to create and grow their own businesses.

“Self-employment and starting up in business can offer a real alternative to young people and there is a clear need to support and encourage more young people.”