An additional £30 million boost to Start-Up Loans to create thousands of new businesses, and help young people find jobs in East Yorkshire was welcomed today by Graham Stuart, MP for Beverley and Holderness.
Graham said, “We still have a long way to go to rebalance our economy, but this is yet another step in the right direction by the Government. It is exactly this sort of action that has led to the creation of a million new private sector jobs in the last two years, as we get to grips with our deficit and get our economy back on track.”
The Prime Minister’s announcement brings the total pot for Start-Up Loans to more than £110 million over the next three years with the age range extended to 30 years old, enabling more people to take advantage of this fund.
New figures have shown that in the first three months of the scheme alone, over £1.5 million worth of loans have been approved, helping nearly 500 new businesses get off the ground. While Graham was disappointed that Yorkshire and Humber has received only 6 per cent of the total loans which have been awarded so far, he welcomed the announcement.
Graham added, “I understand that these are really difficult economic circumstances, and while this £30 million boost is not a huge sum, it will make a real difference to those young people who want to own their own business, helping new companies get started and bringing jobs and growth to our economy.”