WARRINGTON South MP David Mowat welcomed the government's £30 million boost for start-up loans for young entrepreneurs.
He said: "This is excellent news for would-be entrepreneurs bidding to be the next Richard Branson or Hillary Devey.
"The Government is determined to invest in the next generation of businessmen and women who will help our economy grow and create jobs."
The extra cash for 24 to 30-year-olds was unveiled in the North West today by Premier David Cameron. The money brings to £110 million the amount available under the scheme, which has already invested £1.8 million in getting young firms off the ground.
Mr Cameron said: "Start-Up loans are an important part of my mission to back aspiration, and all those young people who want to work hard and get on in life, so this country competes and thrives in the global race.
"They are a great way to help this next generation of entrepreneurs get the financial help - and the confidence - to turn that spark of an idea, into a growing, thriving business.
"It is by backing our entrepreneurs and championing small business that we can drive forward and grow the economy, and equip this country for the highly competitive era we are in."
Over 3000 people have applied or registered an interest in a Start-Up loan which gives budding entrepreneurs support and mentoring to develop their ideas.
When the business plan is robust and approved, they will be able to access financial support in the form of a low interest loan typically in the order of £2,500 with a repayment period of up to five years.
Business Minister Michael Fallon said: "The Government is determined to back young people who aspire to get on in business and create jobs. The Start-Up Loan scheme has been very popular and the extra investment will help to meet the demand for this kind of assistance.
"Making this support available to a wider age group will encourage even more young people to be entrepreneurial. It gives them access to experienced mentors who can offer knowledge and expertise about how to run a successful enterprise. I hope to see a whole new wave of entrepreneurs get their ideas off the ground."