Business News 03 Jan 2013

Government's Start-Up Loans scheme is extended

A Government scheme aimed at encouraging young people to start a new business is to be extended, Downing Street has revealed.

The Start-Up Loans scheme originally offered people aged between 18 and 24 the opportunity to apply for loans of around £2,500. However, the age limit will now be expanded to those up to 30.

Ministers have also added an extra £30m to the initiative, taking the total funding available to £112m over the three years to April 2015.

Under the scheme, the loans must be repaid within a maximum period of five years, with interest charged at a rate of RPI plus 3%.

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