The 25,000th Start Up Loan scheme deal has been approved, taking the total amount lent by the government to new firms to almost £130 million.

The scheme provides financial support and mentoring to entrepreneurs looking to set up their own business.

According to the Start Up Loan Company, more than 32,000 new jobs have been generated as a result of the scheme since it was launched in 2012.

Nicola Weeks from Bedford has been awarded the 25,000th loan and is the latest female entrepreneur to start a business through the government’s scheme.

“Small businesses are the lifeblood of our economy and supporting them to get off the ground and create jobs and opportunities for hardworking people is a key part of our long-term economic plan,” said the prime minister David Cameron.

“That’s what our Start Up Loans are all about – it’s great news that 25,000 loans have now been issued, giving people who want to work hard and get on the tools and confidence to turn their entrepreneurial vision into a reality.”

Business Secretary Vince Cable added: “The Start Up Loans scheme is enabling thousands of entrepreneurs across the country to realise their ambition and set up their own business.

“Helping businesses to access the funds they need to grow is key to our recovery and through schemes like Start Up Loans the government is supporting serious volumes of lending to small and medium sized businesses.”