10,000 new entrepreneurs supported by Start Up Loans

The 10,000th loan from the government’s successful Start Up Loans scheme has been awarded to a budding entrepreneur from Cornwall, the Prime Minister has announced.

Allen Martin, a Royal Navy veteran, runs Eclipse Property Cornwall, which manages properties on behalf of landlords. He received £10,000 from Start Up Loans to help launch his new business.

In reaching this significant milestone, Start up Loans has now lent £50 million to entrepreneurs looking for support in starting up a business and is a third of the way in meeting the target of supporting 30,000 new businesses with £151 million by 2015.

The Prime Minister, David Cameron says Start Up Loans are helping budding entrepreneurs across our country achieve their dreams: “New businesses are the lifeblood of a healthy, expanding economy: a symbol of aspiration and a source of jobs, that’s why Start-Up Loans matter to me – and it’s why they’re a key part of my plan for Britain.”

Business Secretary Vince Cable will meet Allen Martin, the 10,000th loan recipient alongside others on Wednesday at a breakfast reception hosted by James Caan, Chairman of the Start Up Loans Company.

Allen served in the Royal Navy for 22 years as an engineer and mechanic, working with helicopters, search and rescue and commando forces. Having always known that he wanted to work for himself, Allen applied for a Start Up Loan to set up his business, Eclipse Property Cornwall. He is one of the first veterans to benefit from the removal of the 18 to 30 age cap on the scheme.

James Caan says to consider we were just an idea only 18 months ago, looking at what we have achieved to date is astounding: “Providing this vitally needed funding and support for fledgling businesses is exactly what our country requires, creating jobs, and strengthening the economy, improving enterprise.”

The 10,000 businesses that have been backed by Start Up Loans have all received help putting together their plan and pitch, have secured start-up funding and are now all undergoing business mentoring as they start their business.