Sarah Newton celebrates milestone loan to a Cornish business

Truro and Falmouth MP Sarah Newton has expressed her delight at the news that the 10,000th loan from the Government’s Start Up Loans scheme has gone to Truro businessman Allen Martin.

Start Up Loans were set up in 2012 by the Coalition Government to provide a new source of support for fledging business. To date the scheme has lent over £50 million to small British businesses, with the 10,000th loan being offered to Mr Martin. Originally intended for young entrepreneurs the scheme has now been opened to all age groups.

Mr Martin served in the Royal Navy for 22 years as an engineer and mechanic, working with helicopters, search and rescue and commando forces. His Truro based business, Eclipse Property Cornwall, manages properties on behalf of landlords.

Following announcement of the 100,000th loan Mrs Newton highlighted its transformative effect in the House of Commons, saying:

‘‘My hon. Friend was right to single out Mr Martin as a great role model for people of all ages and from all backgrounds in setting up a new business. I would like to give one of the last words this afternoon to Mr Martin. It is important for everyone in this House to listen to what he has to say about start-up loans. He says that they have given him the opportunity to start a new life and that it is ‘an amazing feeling.’’

The Minister for Skills, Matthew Hancock MP replied:

‘‘It is terrific to hear directly from Mr Martin’s MP, who is such a champion of Falmouth and Truro, about the effect that the loan has had on him. Similar stories abound from all 10,000 of those who have received the loans.’’

More information about the Start Up Loans scheme can be accessed by visiting www.startuploans.co.uk