The £100million-plus scheme, launched last May, provides 18 to 30-year-olds with loans of up to £10,000 to start a company, as well as giving them mentoring and business training.
Whilst the scheme has been criticised by those outside of the age group that it can help as being too restrictive latest figures show that 3,162 applicants have received funding of more than £12million, a rate of about 40 a day.
The former Dragons’ Den judge Caan, chairman of the Start-Up Loans Company, said it was set to meet its target of funding 10,000 individuals by the end of the year.
More than 40 partners have signed up to the scheme, taking responsibility for allocating funding and finding mentoring support.
These include the Prince’s Trust, which has so far lent about £1million, Rockstar Youth, and the School for Startups, run by Doug Richard.