Recent data shows that £250m was made available to entrepreneurs in the UK as part of the government funded and British Business Bank managed Start Up Loan scheme.
According to the Department for Business, Energy & Industrial Strategy, Start Up Loans generate a return of £3 for every £1 invested. The interest free loans are available to all businesses across the country from digital start-ups to recreation centres.
Half of all Start Up Loans for people aged 18 to 24 go to those formerly not in employment, education or training and one in five go to deprived areas.
Business and Energy Secretary Greg Clark said: “British entrepreneurs and small businesses are the backbone of our economy. This government will build on the success of Start Up Loans to give entrepreneurs the support and opportunities they need to start a business, grow it in Britain and turn it into a global success story”.
At the start of the year there were 5.4m small and medium-sized enterprises in the UK, creating more than 15m jobs and contributing £1.8 trillion to the economy.
Starting a new business can be one of the most exciting as well as daunting steps a person can take in their working life. Your new business can be set up in a number of ways, each with a different legal status. You will also need to think of premises, terms and conditions of your agreements, license to trade, to name a few matters you will need to address prior to commencing any trading.
To help our existing and new clients we have put together this introductory guide to bring clarity to the complex requirements of starting a business.
If you would like to speak to a specialist business start up solicitor call us on 01616 966 229.