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Chuka Umunna: “This scheme, like so many others from this government, was not living up to David Cameron's rhetoric”

Business quote of the day.

Chuka Umunna government’s start-up loan scheme. Photograph: Getty Images

“This scheme, like so many others from this government, was not living up to David Cameron's rhetoric”

Business secretary Chuka Umunna criticises the implementation of the government’s start-up loan scheme, which has been extended today to include entrepreneurs up to 30 years old. More than 3,000 people have applied for the loans so far, but in order to meet the target of lending £112m by 2015, 45,000 entrepreneurs will have to take out a loan through the scheme.