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Government reaches Startup Loans target

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David Cameron has revealed that the government has met its target of making 30,000 loans to entrepreneurs through the Start Up Loans company.

Start Up Loans is a £310m initiative that was launched in 2012 to provide repayable loans, together with mentoring and other business support, for individuals hoping to start a business in the UK.

Speaking about reaching the three-year goal, Tim Sawyer, CEO of Start Up Loans, said: “We have already supported over 30,000 individuals, in every sector, to turn their business ambitions into reality.”

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Start Up Loans is the brain child of Lord Young, the Prime Minister’s former Enterprise Advisor.

It offers personal business loans of up £25,000, repayable between one to five years, at a fixed interest rate of 6% per annum.

The PM’s announcement was made at the launch of StartUp Britain’s bus tour of the UK.

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