More than £250 million-worth of start-up loans funded by the Government have been given to limited company contractors and entrepreneurs since their initial conception in 2012.

The Department for Business, Energy and Industrial Strategy reported that the loans had been allotted to such individuals over the last four years in order to assist them in starting and growing their own businesses or freelance ventures.

Tim Sawyer, chief executive officer of the Start Up Loans Company, said that these loans had led to the creation of 45,100 jobs since their initial roll-out. Currently, 15 million jobs across the UK are supported by 5.4 million small businesses across the country.

Business and energy secretary, Greg Clark, said: "British entrepreneurs and small businesses are the backbone of our economy. This government will build on the success of start-up loans to give entrepreneurs the support and opportunities they need to start a business, grow it in Britain and turn it into a global success story."

Mr Sawyer agreed with Mr Clark, saying: "SMEs drive our economy, and the role start-ups play in this shouldn't be overlooked."

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