A groomer trims a dog's fur at an animal clinic in Seoul, South Korea, July 6, 2016. Picture taken on July 6, 2016. REUTERS/Kim Hong-Ji
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Demand for cheap government-backed loans for starting a business is expected to grow if the economy slows because of the vote to leave the EU. Tim Sawyer, chief executive of the Start Up Loans company, said banks could restrict lending just as more people seek to strike out on their own in an uncertain economic climate. Some 45 per cent of recipients of the subsidised loans were previously unemployed.Start Up Loans has lent £220m to 38,000 businesses since it started in 2012 .The default rate is high – 35 per cent of loans are in arrears.Some 41 per cent of Start Up loans go to women, who found 25 per cent of businesses nationally. Some 25 per cent of loans go to ethnic minority entrepreneurs, who account for just 7 per cent of businesses.Its loans carry a 6 per cent interest rate and the sum is capped at £25,000 per person in the business, up to £75,000 .
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