Department for Business, Innovation and Skills via Flickr
Vince Cable
The burgeoning 3D printing arena is a hotbed for entrepreneurialism - but in this current climate of restricted lending and heightened awareness of risk, individuals with dreams of setting up their own business may feel now is not the right time to speculate in this way.
But the Government is keen to back start-ups in a bid to kick start economic growth - particularly after dodging the triple-dip recession by a hair's breadth. Therefore the Conservative-Liberal Democratic Party coalition has stated that it is on the side of the small business.
Yesterday (June 5th), ministers pledged further backing for small enterprises as one of its numerous support schemes, making its 5,000th loan to a young entrepreneur.
Ministers at Downing Street celebrated the massive contribution such small businesses are making to the economic recovery at a special event. There, the Prime Minister announced that all recommendations made in a recent report by Enterprise Advisor Lord Young will be accepted - including lifting the cap on StartUp Loans so over-30s can access funds to start up their own business.
In formally accepting Lord Young's recommendations, the Government is committing to improving current advice and support schemes and taking more time to understand what small businesses need and how to aid their ambitions.
Business Secretary Dr Vince Cable commented: "There is a record number of 4.8 million small businesses in the UK, and the figures have suggested record numbers of start-ups. 5,000 of them are now being backed by our Start Up Loans scheme, which is rolling out rapidly.
"We now plan to do more and do it better, by making our schemes and the way we provide advice much simpler."
