PRIME Minister David Cameron paid tribute to owners and founders of start-up businesses, saying those “who’ve taken this big, sometimes quite frightening decision” were “doing a great thing for yourself and an even greater thing for our country”.
Announcing an additional investment of £69m ($110.72m) to the government’s programmes to help those who want to establish their businesses, Cameron said it was an “exciting time” for the country and its economy, too.
The prime minister was speaking last Thursday (September 12) at a Downing Street reception for recipients of the Start-Up Loans and New Enterprise Allowance, which both provide government funding for those wanting to start a businesses of their own.
“It’s always daunting starting a business and setting out, but this is a government that wants to help you every step of the way,” Cameron said.
“But the biggest congratulations to those of you who’ve taken this big, sometimes quite frightening decision, to step outside the typical job or to step outside the typical career and say ‘I want to do this by myself, I want to make my dream a reality’ and I have massive respect for that.
“You’re doing a great thing for yourself; you’re doing an even greater thing for our country. Thank you very much indeed.”
More than 30,000 new businesses have been set up following backing from Government schemes in the past two years, Downing Street said. Of the new businesses under the Start Up loans initiative 43 per cent are from a black and minority ethnic background.
Under the Start-Up Loan scheme, those who want to make their business ideas a reality receive a loan of £4,500 ($7,222.37), along with mentoring support.
With the additional funding, the loans will be offered to those over 30, and also support former Service personnel. Scotland and Wales will also be included in the plan.
Those on benefits will be provided business mentoring and financial support under the New Enterprise Allowance.
It is estimated that some 2,000 new businesses are being set up every month, the prime minister's office said.
Referrals to the scheme – due to end this month – have been extended until the end of December 2014.
Cameron said: “I am determined to do all I can to support the British economy and that includes helping small businesses and budding entrepreneurs to get on. In the last two years we have helped tens of thousands of people to turn their ideas into a viable business, and this additional support will help thousands more.
“My message is simple: if you have drive, determination and are prepared to work hard, we will back you.”
Dragons’ Den star Levi Roots, who is working with Jobcentre Plus to help jobseekers set up their own businesses using the New Enterprise Allowance scheme, said the schemes “give you the financial support and the business advice you need to take the next step.
“Starting your own business can be tough but I’d encourage people to give it a go.”
James Caan, chairman of the Start Up Loans Company, said: “With the extra funding, I’m keen to see those over 30, former armed forces and returning mothers to work embracing their entrepreneurial spirit, turning their skills and passion into new businesses with the help of Start Up Loans.”
