Cameron Announces 30 Million Pounds in Loans for Startups

U.K. Prime Minister David Cameron pledged an extra 30 million pounds ($49 million) to fund startup loans for young entrepreneurs, taking spending on the project to 110 million pounds in a bid to generate growth.

Startup loans provide young people between the ages of 18 and 30 with support including access to a business mentor and low-interest capital typically of about 2,500 pounds “to help get their business idea moving,” Cameron’s office in London said in an e-mailed statement today.

“They are a great way to help this next generation of entrepreneurs get the financial help -- and the confidence -- to turn that spark of an idea, into a growing, thriving business,” Cameron said. “It is by backing our entrepreneurs and championing small business that we can drive forward and grow the economy and equip this country for the highly competitive era we are in.”

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