Small businesses will be offered new ‘growth loans’ by the government as part of the prime minister’s efforts to get the economy out of the doldrums.
Liz Truss announces in the Mail on Sunday an extension of the government’s Start-Up Loans program – which provides support and funding to new businesses – to cover companies that have been around for five years.
Created to help businesses in their earliest stages, the Start-Up scheme has provided more than 90,000 loans since its inception in June 2012.
Liz Truss announces in the Mail on Sunday an extension of the government’s startup loan program
The loans are subject to a fixed interest rate of six percent, and the program offers support — and discounts on products for businesses — to those who may find it difficult to get money from traditional lenders.
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In her article, Ms. Truss says, “I stand with everyone who takes responsibility and does the right thing, from starting their own business to working hard and striving for a better life for themselves and their families. Our clear plan will help them thrive.
“I know how difficult it is for small businesses. They are the lifeblood of our economy. When small businesses succeed, Britain succeeds too.’
Company Secretary Jacob Rees-Mogg said: ‘Stimulating entrepreneurship and new businesses to thrive is critical to growing the economy and raising living standards’
Company Secretary Jacob Rees-Mogg said: ‘This government is relentlessly focused on boosting growth to create better jobs, raise wages and fund our vital public services such as the NHS.
Encouraging entrepreneurship and new businesses to thrive is critical to economic growth and raising living standards. From a hair salon in Wales to a furniture store in Northern Ireland and a cake seller in the Lake District, the extension of the Start-Up Loans scheme will support these small businesses through this challenging period and position them to grow – creating jobs and opportunities all over the world. the UK.’
By Glen Owen