Theresa Villiers, MP for Chipping Barnet, recently met up with a young entrepreneur, Styliana Vasili, to hear about how she successfully launched her own business with the help of the Government funded scheme, Start Up loans. The meeting took place at Theresa’s constituency office in Barnet High Street, along with representatives of the Start Up Loans Company who run the scheme for the Government.
The scheme provides loans and mentoring for people who want to start a new business. The loan amount depends on the strength of the business plan and an average of £5000 is awarded.
Ms Vasili is one of 86 recipients of Start Up loans in Theresa’s Chipping Barnet constituency. She has used the funding to start Viva la Vita, an app which allows users to book into different exercise classes around London. Ms Vasili heard about Start Up Loans while watching an interview with the Prime Minister, David Cameron. She approached the Start Up Loans Company with a business plan and received funding within a week. Ms Vasili now has plans to expand her business.
Speaking about the scheme, Theresa said, “I am delighted that Styliana’s business has been a success and I am sure it will continue to go from strength to strength.”
“The Conservatives are determined to back enterprise. That is why we took action to help businesses get the loan finance they needed with a range of schemes, including Start Up loans. These loans have been very popular. So far the Government has issued loans totalling over £140 million to 27,034 new ventures. I very much welcome the fact that a substantial proportion of the loans awarded in my constituency have gone to young people from minority ethnic backgrounds.”
“Start Up loans provide great support for those keen to start their own business and is part of the Conservatives’ long term economic plan. That plan is working and an average of 1000 jobs a day have been created under this Government – more than the rest of Europe put together. We have also helped 2 million people start apprenticeships.”
Anyone interested in a Start Up loan can fill in an expression of interest form online. Loans are paid back within 1-5 years, at an interest rate of 6%. The Start Up Loans Company also provides post-loan support and access to a business mentor.
For more information, go to www.startuploans.co.uk