10,000 new entrepreneurs supported by Start Up Loans

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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 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 said: “Start Up Loans are helping budding entrepreneurs across our country achieve their dreams – people who have got ideas, determination and solid business plans, but through no fault of their own they can’t get the money to make a go of it. 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 said: “Start Up Loans continue to expand, filling an important gap for aspiring entrepreneurs in the first stages of setting up their business.

“Helping more small businesses to get started and thrive is a key part of the government’s drive to create a more entrepreneurial society.”

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 Martin said: “To have been given the opportunity to start a new life running my own business is an amazing feeling. This money will prove invaluable with my business during its first year and has enabled me to fulfil my ambitions of being my own boss after leaving the armed forces.”

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 – 30 age cap on the scheme, announced by the Prime Minister in July.

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.