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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.
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“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."
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Susie Hughes © Shout99 2013
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