Prime Minister unveils £69m of backing for start-up businesses

PRIME Minister David Cameron will today launch a £69m package of funding for government schemes to help young businesses get off the ground.

The cash will allow the New Enterprise Allowance mentoring scheme to continue until the end of 2014, while there will be £34m for start-up loans to support 7,600 businesses.

Start-up loans are administered by the department of business, innovation and skills, which has already lent £44m to more than 7,500 firms.

“I am determined to do all I can to support the British economy,” said Cameron. “My message is simple: if you have drive, determination and are prepared to work hard, we will back you.”

The Prime Minister will today host an event at Downing Street for businesses that have benefitted from either of the schemes.