Pevensey and Westham MP Greg Barker is hoping his young constituents will take up the opportunity of Start-Up Loans.
The Government has announced a £30 million boost to Start-Up Loans to create thousands of new businesses and help young people find jobs.
The Prime Minister’s announcement brings the total pot for Start-Up Loans to more than £110 million over the next three years and will see the age range extended to 30 years old, enabling more people to take advantage of this fund.
Mr Barker has welcomed the announcement and says he hope it will help to encourage new businesses in his constituency.
He said, “This Government is on the side of everyone who wants to work hard and get on and I would encourage any local budding entrepreneur to apply for a Start Up loan to get their business ideas moving.
“This £30 million boost will make a huge difference to the hundreds of young people in the constituency who have always aspired to own their own business, helping new companies get started and bringing jobs and growth to our economy.
“We are increasing loans to small companies, investing in innovation and cutting corporation tax to make sure Britain can build the best businesses and compete in the global race.
“This is great news for the constituency.”
New figures have shown that in the first three months of the scheme alone, over £1.5 million have been approved.
The scheme is thought to helping nearly 500 new businesses get off the ground.
The South East has received 19 per cent of the total loans which have been awarded so far.
Start-Up Loans, which is a coalition government initiative, is chaired by business guru James Caan, who is well-known as a panellist on Dragons’ Den.