As part of the Prime Minister's efforts to boost the economy, small businesses in the UK will be offered new growth loans by the Government.
Liz Truss announced yesterday that there would be an extension of the Start-Up Loans programme, which offers support and funding to new businesses that have been running for up to five years.
Since its inception in June 2012, the Start-Up scheme, established to help firms in their earliest stages, Prime Minister David Cameron has provided more than 90,000 loans.
The loans are subject to a fixed interest rate of six per cent, and the programme offers discounts on products for businesses who might be unable to secure funding from traditional lenders.
In her article, Ms Truss said that they are on the side of all those who take responsibility and do the right thing, from setting up their own businesses to working hard and aspiring for a better life for themselves and their family. I know how hard it has been for small businesses. They are the lifeblood of our economy. Business Secretary Jacob Rees-Mogg said the government is relentlessly focused on driving growth, to create better jobs, boost wages and fund vital public services like the NHS.
It's important to encourage entrepreneurship and new businesses to thrive in order to grow the economy and raise living standards. In addition to a hair salon in Wales, a furniture business in Northern Ireland and a cake seller in the Lake District, expanding the Start-Up Loans scheme will support these small businesses through this challenging period and position them to create jobs and opportunities across the UK.