Business, Innovation and Skills written question – answered at on 25 June 2012.
To ask the Secretary of State for Business, Innovation and Skills what benchmarks have been set for the implementation and operation of Start Up loans.
The Government have not set an exhaustive list of requirements for the implementation and operation of Start Up loans as this is a pilot and the scheme itself is demand led and intended to meet the needs of each individual applicant
However, we have determined that:
all delivery partners for the pilot phase must be operational by end September 2012, to ensure that each has a minimum delivery period of six months; for every loan recipient, we expect a further three individuals to benefit from engagement in the scheme, for example, by receiving advice on how to start their business; loans should be awarded on the basis of the individual's business plan and be made by an independent panel appointed by the delivery partner; loans must not exceed a repayment period of more than five years; interest will charged at the rate of RPI +3%; delivery partners can grant a repayment holiday up to a maximum of 12 months; and the loan will be treated as a personal liability.
These requirements may be adjusted in the light of the results of the pilot.
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