This surge is in part due to the recent extension in the age range from the original target of 16-24 year olds to include those potential entrepreneurs up to the age of 30.
When the age range was increased at the start of 2013, there were 3,000 participants which led to criticism that the it was slow to get off the ground and did not go far enough with its assistance.
Since the upper age limited has been raised, that figure has more than doubled. Start-Up Loans Company chairman James Caan said: “At the end of the first week of January we had 3,000 applicants in this programme, we now have 7,000 applicants. Last week alone we approved over half a million pounds of investment in new businesses by young people and started over 100 businesses.
“I believe this surge we are seeing from young people starting their own businesses is simply the beginning of an emerging and lasting trend in entrepreneurship in Britain.
“Entrepreneurship is a viable career option for young people. Self employment and small business is the heart-beat that keeps us ticking and in today's economy I am delighted to see so many young people have the confidence to take their future into their own hands.
“Start-Up Loans are unsecured which is exactly what young people with no track-record of business or collateral need to get their idea off the ground. We are giving these people a chance and are willing to back great ideas and passionate people who have a viable business plan – and if they haven’t, we provide business advice and support to take them on the journey."
If you wish to comment on this article, please log in and use the Reply button below. Registering is free and easy - see 'Join Shout99'.
Susie Hughes © Shout99 2013