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<p>I have been asked to reply on behalf of the Department for Business, Innovation and Skills.</p><p>The Start-up Loans Company is grant funded with an allocated budget of £117.5 million to the end of 2014-15. To date, the company has drawn down £57.5 million of this funding.</p><p>A maximum of 5% of total funding has been allocated to administration costs, with up to 20% intended to support the costs of mentoring, training and support, and loan disbursement and collection by Start-Up Loans' delivery partners (dependent on individually negotiated commercial terms). These allocations are specified under the terms of the grant offer.</p><p>Actual spend in the pilot year will be confirmed in the company's annual accounts, which will be published post-audit. However, information provided by the company indicates that savings on the revenue allocation from reduced administration and transaction costs in excess of £1 million were achieved and recycled as additional capital for lending in the pilot year (2012-13).</p> |