David Cameron has revealed that the government has met its target of making 30,000 loans to entrepreneurs through the Start Up Loans company.

Start Up Loans is a £310m initiative that was launched in 2012 to provide repayable loans, together with mentoring and other business support, for individuals hoping to start a business in the UK.

Speaking about reaching the three-year goal, Tim Sawyer, CEO of Start Up Loans, said: “We have already supported over 30,000 individuals, in every sector, to turn their business ambitions into reality.”

Start Up Loans is the brain child of Lord Young, the Prime Minister’s former Enterprise Advisor.

It offers personal business loans of up £25,000, repayable between one to five years, at a fixed interest rate of 6% per annum.

The PM’s announcement was made at the launch of StartUp Britain’s bus tour of the UK.