New start-up fund for ex-servicemen

Former members of the armed forces will receive £5 million in loans and grants to assist with the costs of starting a business.

Lord Drayson, department for business minister, says: ‘Ex-service personnel are under-represented when it comes to start ups and self-employment. This scheme puts that right, helping former servicemen and women to be their own boss and go on contributing to our society.’

The Royal British Legion will provide up to £5 million in enterprise support, which can include training, funding to help meet initial costs or financing to help grow a business established within the past two years.

Ex-service personnel, who have been discharged since 7 October 2001, will be able to apply for a loan of up to £30,000 and grants of up to £7,500 through the scheme.

Paul Kyriakides, owner of plant-growing business Kyrian Plants, says: ‘I started my business last year with the help of the Royal British Legion and I’m glad that more people will benefit from their support.’

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