A proposal came from Lord Young, enterprise adviser to the prime minister, who said that British Business would revive if the age limits on the start-up loans are being changed. New conditions are expected to be included in their loan agreement.
The current age of limit is 30 years. Entrepreneur over this age should for the future be allowed to get taxpayer-funded loans so that they could start up a business.
When such loans started being floated the limiting age was considered to be 24, which will probably be stated into the loan agreement.
This was not the only recommendation of Lord Young in his Growing Your Business report. He also gave some suggestions on how to make it easier for small business to apply for £230m worth of public sector contracts.
Lord Young said: “Growing our smallest businesses would transform our economy – they are the vital 95%.”
He explained that the UK businesses would grow if given the proper possibility to. A good decision against the unemployment will come if half of the UK’s micro businesses took on an additional member of staff.
The principal policy adviser at the Confederation of British Industry (CBI), Hayley Conboy agreed with the mentioned report saying that if supported to grow smaller firms would become medium-sized ones.
‘Lord Young rightly identifies that the Government needs to earmark funding to effectively market existing finance and support schemes.’
Of course, not everybody reacted so positively to the new proposals. Graeme Fisher, head of policy at the Federation of Small Businesses (FSB), was not that excited as he stated that such schemes had to be carefully managed, otherwise they might not help the business but even confuse it more.