Cash boost for startups could spell good news for Tech City
Start-up companies in and around east London's Tech City are predicted to thrive following a Government cash injection of £2.5million.
The seed finance, to be made available to about 400 entrepreneurs across the capital during the next 12 months, will be delivered by Start Up Direct, also based in the Shoreditch hub.
It is hoped the scheme will allow budding new businesspeople to thrive amidst a lack of funding from banks.
James Pattison, managing director of Start Up Direct, said: "This £2.5 million to be lent over the coming year is going to have a significant impact on London's start up scene, particularly around Tech City.
"We are seeing a real coming together of talent and ideas, alongside an enthusiasm for entrepreneurship from investors and the Government who recognise that start ups are playing a vital role in the economic recovery."
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Loans of up to £15,000 will be on offer for each start-up, as well as a designated mentor match arranged by Start Up Direct and access to workshops, networking events, one-to-one business coaching and a helpline.
Tech start-up Race Yourself is one success story from last year's loan funding, with its business partners scooping £15,000 to produce a technology and fitness app linking with this year's release of Google Glass.
Go to loans.startupdirect.org.