Start-up loans 'to create thousands of jobs'

The government is expanding its start-up loans scheme, which offers young entrepreneurs loans of about £2,500 to help them start businesses.

The scheme had originally been aimed at 18-to-24-year-olds, but is now being expanded to those aged up to 30.

To cater for the wider age band, the funding available for start-up loans will rise from £82m to £112m.

The Start-up Loans Company is chaired by James Caan who told BBC News that the scheme could create over 50,000 jobs over the next three years.