Start-up loans of up to £250 million have been made available for young businesses.

The government claims the scheme generates a £3 return on investment to the country’s economy for every £1 spent.

There are now 5.4 million SMEs in the country, creating more than 15 million jobs and contribution £1.8 trillion to the economy.

The Start-Up Loans Company also provides fixed rate loans of up to £25,000 and free support to entrepreneurs starting out for the first time.

Business and Energy Secretary Greg Clark, said:

“British entrepreneurs and small businesses are the backbone of our economy. This government will build on the success of Start Up Loans to give entrepreneurs the support and opportunities they need to start a business, grow it in Britain and turn it into a global success story.”

Small Business Minister Margot James, added:

“Small businesses play a vital role in local communities, bringing them together and giving millions of people good jobs and livelihoods. “