The recommendation was inspired by Lord Young's realisation that "if just half of the UK's micro businesses took on an additional member of staff, unemployment would be reduced to almost zero."
One person who understands what the change could mean for entrepreneurs is multiple business founder, Joni Farthing. Joni is currently running Women outside the box but was forced to rely on her private pension to fund it as she was ineligible for a Start-Up Loan.
"I definitely would have applied for a start-up loan if I'd been able to," Joni said. "When you give an older person a chance with a loan, you're looking at people who have been doing processes for a long time and know how to do them better."
"They are vital to older woman who are thinking about starting small." Joni explained the potential of the Start-Up Loan scheme being opened up to everyone. "I feel that I've got the years of experience behind me to run a business that could grow into an SME, and the best way of helping the economy is to employ young people who want to learn skills."
After Lord Young's suggestion is taken on board, entrepreneurs of all ages will be able to benefit from the scheme, which helps more than 1,000 new businesses start-up every month. Loans from the programme are typically in the region of £4,500 and there is crucial mentoring support offered alongside the money.
This change will come in alongside a drive to put public sector contracts worth £230bn in the hands of small businesses and a voucher scheme to increase the number of small businesses using expansion advice.
If you are interested in applying for a Start-Up Loan, find out more here.