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Call for age cap on start-up loans to be removed

Access to start-up loans should not be subject to age restrictions, according to a Government aide.

In his latest report on micro businesses, the Prime Minister’s enterprise adviser, Lord Young, argues that allowing entrepreneurs aged over 30 to access the funding would help to stimulate UK business growth.

The report also calls for business schools to have a greater role in the local economy.

Lord Young said, ‘Growing our smallest businesses would transform our economy – they are the vital 95%’.

‘If just half of the UK’s micro businesses took on an additional number of staff, unemployment would be reduced to almost zero. We need to raise the aspirations and confidence of these businesses and give them the tools to grow’.

Business groups have largely welcomed the report, with the Confederation of British Industry commenting that it correctly identified the need to ‘earmark funding to effectively market existing finance and support schemes’.