Startup Loans launch today

In a bid to encourage a more entrepreneurial culture, 18-24 year olds in Britain will soon be able to access early stage funding and essential mentoring. Average loans are expected to be nearly $4,000.  After a one year payment holiday, loans will be charged at inflation plus 3% and repaid over 5 years. Applicants apply online and if successful are appointed a mentor. Prime Minister Cameron hopes the initiative could lead to 30,000 more startups. This follows last week’s announcement by UK’s Business Innovation and Skills of a $300m growth accelerator program for small businesses.