The Telegraph published a report this week which stated that the biggest barrier to business was the access to Start-Up cash, http://ow.ly/iuzY9. Let’s look at the reason behind this as there are schemes to lend to new businesses and get them moving.
The same article states that only 12% turn to their bank for cash and 10% obtain cash from Venture Capitalists. The British Bankers’ Association which represents the Banks then states that 8 out of 10 loans are approved. Therefore if these facts are correct I am left with the feeling that a number of possible new businesses are not getting to the application stage. How is the news that there are schemes out there to assist new businesses working? Who knows of the Government backed Start-Up Loans scheme to help new businesses within 12 months of inception and for business owners between 18-30?
I am now a Get Started adviser you can offer The Start-up Loans Programme which aims to provide mentoring and financial support to young entrepreneurs that would not normally be available via traditional banking relationships. This includes assisting with the Business Plan and the application process.
Great scheme, let’s get the message out there to Young Entrepreneurs.