Find local news in Kent

Start-up loans for all? Hope for more budding entrepreneurs in Kent

10:30, 14 May 2013

BBC Dragons' Den star James Caan
BBC Dragons' Den star James Caan

Business start-up loans could be available to more people after a recommendation to extend it to budding entrepreneurs of all ages.

The scheme was set up by former BBC Dragons' Den star James Caan to help thousands of 18 to 30-year-olds start their own company.

A number of Kent young people have benefited from a loan and The Kent Foundation - based in Maidstone, the scheme's official Kent representative - is poised to announce details of more.

Lord Young recommended the relaxation of age rules on his report on enterprise published yesterday.

James Caan, chairman of the Start-Up Loans Company, said: "I welcome Lord Young's recommendation to remove the age cap for Start-Up Loans.

"Seeing the huge success of the programme to date exceeding our initial targets by 50% leaves me with no doubt that there is significant demand from more mature individuals who want a chance at being their own boss."

The company will work with the government to set out a plan for how to tackle the older market - with a view to being ready to offer the loans to the over-30s by the end of the summer.

Since last autumn, more than 3,500 people have received a loan and mentoring. More than 45% of those who have started their business under the scheme were unemployed before being granted the loan.

Meanwhile, Malcolm Trotter, chief executive of the International Association of Book-Keepers, based in Kings Hill, West Malling, has expressed concern about the scheme.

He believes the success rate would be higher if recipients of loans were given book-keeping help and advice.

He recently wrote to Mr Caan, saying: "Are those start-up businesses being signposted to book-keepers to assist them? Are they assessed for financial skills? Nobody seems too concerned about whether or not they will be able to repay the loan."

This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies - Learn More