POST Online Media Lite Edition



 

33,000 new loans for small businesses as £900m government scheme widened

Christian Fernsby |
An £884m loan scheme for new businesses is to be greatly expanded, delivering much needed finance to the UK’s array of innovative start-ups, the Business Secretary Jacob Rees-Mogg has announced.

Article continues below




The Start Up Loans programme has provided more than 95,000 loans to start-ups across the UK since its inception in June 2012, offering an average of just over £9000 in support.

With 33,000 new loans available, the programme’s eligibility will be expanded to support businesses trading for up to three years, up from two years. Businesses can apply immediately under the new criteria.

Start Up Loans provide a fixed interest rate of 6%, as well as mentoring, support and funding to aspiring business owners across the UK, providing support to those who might find it difficult to secure loans from traditional lenders.

Alongside this, a new second loan will be available to businesses operating for up to five years, providing eligible businesses between 3 and 5 years old a much-needed Government-backed finance to support their expansion at a crucial juncture.

Business Secretary Jacob Rees-Mogg said: "“This government is relentlessly focused on driving growth to create better jobs, boost wages and fund our vital public services like the NHS.

“Encouraging entrepreneurship and new businesses to thrive is critical to growing the economy and raising living standards.

“From a hair salon in Wales, to 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 grow - creating jobs and opportunities across the UK.”

The scheme has backed businesses across the United Kingdom, with more than £54m provided to businesses in Scotland, £42m in Wales and over £12m in Northern Ireland.

Expansion of the Start Up Loans scheme follows the 2021/22 Spending Review, at which the government made the commitment to provide 33,000 loans to the programme over the next three years.

The extension provides further government support for businesses grappling with cost pressures and adds to measures announced by the Chancellor earlier this week, including the introduction of the Energy Bills Relief Scheme to help support them with the costs of energy, reforming off payroll working rules and simplification of the alcohol duty system.

It also builds on key measures the Government has announced for small businesses in particular, including extending the £4.5 billion Recovery Loan Scheme and delivering the Help to Grow schemes, which provide mentoring and free software to thousands of businesses across the UK.


What to read next

Mayor de Blasio announces plan to guarantee health care for all New Yorkers
New York: Full list of 38 rail projects that will get $76.4 million
New tax relief for thousands of small businesses and millions of middle class New Yorkers

Apollo Endosurgery to be acquired by Boston Scientific, enterprise value $615 million

 
Apollo Endosurgery announced it has entered into a definitive merger agreement to be acquired by Boston Scientific in an all-cash transaction with an enterprise value of approximately $615 million.
 
 

Latest

Poland: Criminal group extorted money making advantage of COVID situation
Sibanye-Stillwater begins construction of lithium hydroxide refinery in Finland
Switzerland's GDP grew by 0.2% in Q3 of 2022
Mexico's exports grow 19.5 pct

NEWS

UK: Christmas chaos ahead as Wiltshire parking wardens announce further strikes

Italy: 8 dead, several still missing after deadly Ischia mudslide
South Korea issues return-to-work order to truckers on strike
U.S.: Winter weather conditions for west, severe weather potential for south on Tuesday
World's largest volcano Mauna Loa erupts
WHO renames monkeypox as mpox on racism ground
 

BUSINESS

One in four U.S. workers still fear catching COVID at work, modest winter surge expected

No vessels left Ukrainian ports on November 28 due to adverse weather
Swedish nuclear reactor to be taken off-grid for repairs
UN and ILO must urgently intervene as South Korea weighs forcing striking drivers back to work, says ITF
More internationally educated family doctors on the way to British Columbia
Department of Health in South Africa to conduct feasibility study on implementing solar panels in hospitals
 

Trending Now

One in four U.S. workers still fear catching COVID at work, modest winter surge expected

Sibanye-Stillwater begins construction of lithium hydroxide refinery in Finland

Commission approves €557 million German support to compensate Deutsche Bahn

Apollo Endosurgery to be acquired by Boston Scientific, enterprise value $615 million


POLITICS

Tánaiste announces major change for small Irish companies

Commission approves €557 million German support to compensate Deutsche Bahn
Belgian government offers one-off tax-free bonus
Health minister discusses cooperation with French companies for manufacturing in Libya
Saudi Arabia unveils masterplan for mega Riyadh airport project
EU Parliament insists that EU must freeze funding to Hungary
 

Today We Recommend

One in four U.S. workers still fear catching COVID at work, modest winter surge expected


Highlights 

Apollo Endosurgery to be acquired by Boston Scientific, enterprise value $615 million

AstraZeneca to acquire Neogene Therapeutics for up to $320 mln

Shell to buy Nature Energy in £1.7bn deal


COMPANIES

Bechtel to build Intel's semiconductor manufacturing facilities in Ohio

Biocytogen Pharmaceuticals enters antibody agreement with ADC Therapeutics
BT announces plan for pay rise of up to 16% for all but highest paid
AstraZeneca to acquire Neogene Therapeutics for up to $320 mln
Shell to buy Nature Energy in £1.7bn deal
Africa Data Centres to build its first data centre in Kigali, Rwanda
 

CAREERS

US Foods appoints Dave Flitman as CEO

G Mining Ventures appoints Carlos Vilhena to board
Criterium Energy appoints David Dunlop as director
Arthex Biotech appoints Frédéric Legros as chairman
Promontory Therapeutics appoints Stanley J. Musial as CFO
1NCE expands leadership team in Europe and Asia-Pacific
 

ECONOMY

Trade between Bulgaria, North Macedonia to exceed EUR 1 Bln in 2022

EU trade with Indo-Pacific region
EU green energy product imports in 2021: 15.2 billion euros
Czech Republic: Economic sentiment ticks up in November
Poland: Business sentiment ticks up in November
Italy: Business confidence strengthens in November
 

EARNINGS

Natuzzi Q3 revenue increased 14.5%

CMA CGM Q3 revenue $19.9 billion
G. Willi-Food Q3 sales increased by 16.6%
Deere Q4 net income $2.246 billion
Nordstrom Q3 net loss $20 million
VMware Q3 revenue $3.21 billion
 

OP-ED

Micromanaging is the worst enemy of efficiency and teamwork

Niger set to monetize massive gas reserves through Saharan natural gas pipeline
Putting the brakes on EV folly that choked the market
Oil discovery in Kavango Basin may mean huge benefits for Namibians
Cape Town and Dubai battle over Africa's energy future
Is America going to lose its superpower status?
 

AGRIFISH

Colombian minister announces short and medium-term measures to help rural producers affected by winter weather

Third stage of vaccination against classical swine fever starts in Brazilian state Alagoas
Australia's fish stocks stable and steady
Australia pledges AUD 2 million to WTO Fisheries Funding Mechanism
Pesticide sales jump by 17% in Switzerland
Tesco announces close to £14 million of additional support for British egg industry
 

LEADERSHIP

Corporate duty waivers limit organic company growth and innovation

Women buy from women, men buy from women and men
How employee opinion impacts CEO dismissal
Keeping it in family can be good news when it comes to CEOs
Over a third of office workers are hybrid 'misfits'
Proxy advisers have inherent incentive to create controversy, study shows
 

CRIME

Meta Ireland fined 265 mln euros for data breach

Ukraine fines Engie, Shell subsidiaries over Nord Stream 2
New Zealand fines Southland fishing company $40,000
Italy's antitrust fines Edison Energia 3.8 mln euros over unfair practices
FTC secures monetary judgment in deceptive energy savings claims case
Croatian Competition Agency fines dairy processing company PIK Rijeka $13,740 for imposing unfair trading practices
 

Magazine

TRAVEL

Weather-resistant ArtWalk Downtown Billings, Montana

Dual branded Courtyard and Residence Inn by Marriott Hotel opens in Montreal
Candlewood Suites Hotel opens in Aberdeen, Md.
Mount Roraima, Venezuela, 7,671 feet above the forest floor
Llao Llao Resort, an exclusive resort in the middle of nowhere
Abu Dhabi welcomes visitors to discover experiences at their own pace
 

SEA, LAND, AIR

New colorful Porsche 718 Style Edition models

2023 Toyota Prius Prime, solar panel roof and reliability
Volvo EX90, a car with updates
Cessna Citation CJ4 Gen2 jet, pursue your business goals while enjoying journey
GMC first Sierra EV marks turning point
BMW M2, fast beast in small package
 

DESIGN

Patchwork carpets, vintage Persian carpets made with unparalleled skill

Real life wallpapers, perfectly executed
A. Lange & Söhne, men's watches with true Saxonian DNA
Nella Vetrina, luxurious Italian designers bathroom vanities and furniture
Karastan rugs, durable and beautiful
Leather bags for every occasion and every life style
 

GADGETS

Take Elektor Fortissimo and make your own high-end amplifier

RangeXTD, a Wi-Fi extender that actually works
Monitor II A.N.C. headphones, iconic Marshall sound
Zebra TC15, a clever mix of a mobile phone and a computer for business use
Bathroom speakers will make your relaxing even better
NAD 399 amplifier, highly efficient and remarkably powerful
 

HEALTH

Strong recommendation for pyronaridine-artesunate in revised WHO Malaria Treatment Guidelines

Pakistan launches anti-polio vaccination drive to inoculate 13.5 mln children
Ibuprofen and similar NSAIDS can be associated with hastened progression of osteoarthritis symptoms
Virgin Islands community encouraged to prevent antimicrobial resistance
Shionogi seeks Japan approval for COVID-19 vaccine
French doctors warn of antibiotics shortage
 

MEANTIME

Astrophysicists hunt for second-closest supermassive black hole

New European supercomputer inaugurated in Italy
European Space Agency presents new generation of astronauts
NASA selects Rocket Lab to launch TROPICS mission
World's heaviest flying bird heals itself with plants used in traditional medicine
James Webb Space Telescope reveals an exoplanet atmosphere as never seen before