U.K. Has Loaned 250 Million Pounds to Startups Over Four Yearsby
The U.K. has loaned 250 million pounds ($325 million) to startup companies since 2012, Business and Energy Secretary Greg Clark said.
Every 1 pound spent on loans has generated 3 pounds for the economy, Clark’s department said in an e-mailed statement on Wednesday. The money has been allocated through the Start Up Loans Co., which was set up almost four years ago, offering fixed-interest loans of as much as 25,000 pounds, as well as business support for entrepreneurs.
Prime Minister Theresa May has said she’s determined to make a success of Britain’s decision to leave the European Union, by brokering new trade deals, encouraging overseas investment and making an economy “that works for all.” On Wednesday, she’ll meet with ministers at the end of their summer recess in order to gauge how her government will move forward with Brexit.
"British entrepreneurs and small businesses are the backbone of our economy,” Clark said in the statement. “This government will build on the success of startup 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.”