A government scheme which gives thousands of Asian entrepreneur's access to their first loan would be boosted by an allowance fund under plans, the Liberal Democrats announced on Monday.
The scheme was launched by former Liberal Democrat Business Secretary Sir Vince Cable. Figures show that a third of all entrepreneurs benefiting from this scheme in the last Parliament were from ethnic minorities.
Speaking at the party's Autumn Conference in Bournemouth, Liberal Democrat Leader Tim Farron stated that the party would enhance the support for new small businesses by providing entrepreneurs with a Start-Up Allowance worth £100 a week over the first six months after they set up their new business.
Anyone starting up a new business with funds from the start-up loans scheme would be eligible to receive the Start-Up Allowance.
Tim Farron MP said: "Those who take the chance to set out on their own and create a business should be celebrated and supported.
"While Labour have said they now want to strip Government support for businesses and the Tories focus on giving tax cuts to giant corporations, we want to focus on entrepreneurs and small business seeking to grow."
