Mark Garnier, MP for Wyre Forest, has welcomed the Government's announcement to boost to Start-Up Loans by £30m - to create thousands of new businesses and help young people find jobs across the country.
The Prime Minister's announcement brings the total pot for Start-Up Loans to more than £110 million over the next three years, and will see the age range extended to 30 years old, enabling more people to take advantage of this fund.
New figures have shown that in the first three months of the scheme alone, over £1.5 million worth of loans have been approved, helping nearly 500 new businesses get off the ground. The West Midlands has received 14 per cent of the total loans which have been awarded so far - the third largest recipient after the Greater London and South East regions.
Mark said, "This announcement is great news for growth in Wyre Forest, and I encourage any budding entrepreneur to apply for a Start Up Loan to get their business ideas moving. This £30 million boost will make a huge difference to the hundreds of young people in my constituency who aspire to own a business, and will help bring growth to our economy.
"The Government is committed to helping those who want to work hard and get on by increasing loans to small companies, investing in innovation, and cutting corporation tax - all to make sure Britain can build the best businesses and compete in the global race. I am especially pleased that the West Midlands is the largest recipient of the loans after London and the South East, as this reflects both the region's thriving commercial culture and its potential for further development and growth."
For more information, please visit the Startup Loans website.