Gavin Williamson, MP for South Staffordshire has welcomed figures showing the number of Start Up Loans, which have helped the creation of 31 new businesses in South Staffordshire.
The Start Up Loans Company, an initiative of the Department of Business, Innovation and Skills, supports people with a commercially viable business idea but has no access to finance, financial advice, business loads or mentoring support.
In South Staffordshire, 31 individuals have been provided with a business loan and mentoring support, with a total of £151,850.00 leant to entrepreneurs. Of the 31 businesses helped, 19 were created by men and 12 by women. 13 of the new business owners were aged between 18-24 years and a further 12 aged between 25 and 30.
Gavin said: “It’s wonderful that the Government funded Start Up Loans Company have helped so many people. We already have many successful businesses in South Staffordshire and I hope that this is the start of many more businesses in the future.
“In providing these business loans to new entrepreneurs, the Start Up Loans Company is making self-employment a more attractive option encouraging more people to create their own businesses. I was especially pleased to see an encouraging number of young people applying for business loans and mentoring. This is further proof that our long term economic plan is working and that we are securing Britain’s future.”