The Start Up Loans Company is a government-funded initiative that provides support for entrepreneurs in England and Northern Ireland in the form of a loan and ongoing advice from a business mentor.

The idea came about after Lord Young (former secretary for trade & industry and enterprise adviser to the current government), identified in a report that if entrepreneurialism were as ingrained in the UK economy as much as it is the the US, there would be 900,000 more jobs in the UK.

The scheme was created within the Department for Business, Innovation and Skills. Lord Young persuaded James Caan, former Dragons Den star, to chair the programme, which enables entrepreneurs and small businesses to apply for loans and guidance online.

A partner scheme has also been set up by Sir Richard Branson. Virgin StartUp is a not-for-profit organisation that offers entrepreneurs aged 18-30 the funding, resources and advice they'll need to realise their business ideas.

In it's first year the Start Up Loans Company backed more than 11,500 businesses to the tune of more than £58m.

To learn more about the Start Up Loan Company and the Virgin Start-Up, visit their website:

www.startuploans.co.uk

If you have a new business idea, DMF Accountancy Ltd will help your develop it into a detailed business plan that will enable your idea to get the funding it needs to turn it into a viable, successful business. Contact us for more information.

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