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Start-up loans for all? Hope for more budding entrepreneurs in Kent
10:30, 14 May 2013
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."
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