Thursday 30 October 2014

The Start Up Loans Programme - Is it a hype?


The UK government has launched the start-up loans programme in order to help budding entrepreneurs.

Similar schemes have been launched before with a lot of fanfare, but they have failed to deliver results.

For example, Business Link was established in 1992. It had an annual budget of over £150 million.

Business Link offered consultants an opportunity to milk the taxpayer while providing useless advice to entrepreneurs. Many businesses were left disappointed at the Business Link service, calling it a waste of money.

Business Link was shut down in 2011.

The Business Link website was launched in 2004. In 2010, it emerged that the website cost £35 million a year to run!


We are keen to hear your views on the Start Up Loans programme. Please feel free to share your experience here - including the good, the bad and the ugly!

How useful did you find the programme?

What effect will this have on your business, if at all?

How would you rate the consultants and mentors?



Useful Links:

The £105m website

http://www.bbc.co.uk/blogs/legacy/thereporters/rorycellanjones/2010/07/the_105m_website.html 

Business Link: never fit for purpose

http://realbusiness.co.uk/article/4512-business_link_never_fit_for_purpose

Business Link website costs £35m to run

http://www.businesszone.co.uk/topic/regulation/business-link-website-costs-35m-run/28851


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5 comments:

  1. Unknown3 November 2014 at 04:35

    I have attended virgin startup workshop recently.

    I have met one of the consultants afterwards. I am not that impressed by the advice.

    I am looking at alternative sources of funding.

    ReplyDelete
    Replies
    1. Anil5 November 2014 at 05:46

      Virgin is good at hype!

      Richard's brand-Branson hype has hidden his record of failures:

      http://www.theguardian.com/media/2005/dec/12/digitalmedia.broadcasting

      Branson’s big holiday offer – give us a break:

      http://www.ft.com/cms/s/0/c983fb74-44c2-11e4-bce8-00144feabdc0.html

      Delete
  2. Anil4 November 2014 at 08:17

    Any government is good at throwing money at various schemes. Most of the schemes do not deliver results.

    Tens of millions of pounds could be paid in bonuses to underperforming contractors responsible for the government's flagship back-to-work scheme:

    http://www.bbc.co.uk/news/uk-politics-28113516

    http://www.theguardian.com/politics/2014/jul/02/work-programme-department-work-pensions-bonuses


    A private training company that received more than £100 million in public money to provide apprenticeship and vocational training is going into administration:

    http://www.bbc.co.uk/news/uk-24659329

    ReplyDelete
  3. Danny7 November 2014 at 08:18

    Thanks to the Internet, there is no hiding place for anyone.

    Lousy consultants and advisers can be exposed – the same way as lousy hotels are exposed on TripAdvisor!

    ReplyDelete
  4. Anonymous10 May 2015 at 10:19

    I went to a Virgin Start-up workshop a few weeks ago.

    It is a complete waste of time!

    The consultants are idiots!

    ReplyDelete

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