Start-ups in the music industry could receive loans up to £25,000 as part of a new government-backed scheme by the Association of Independent Music (AIM). The AIM Start Up Loans initiative will act as a delivery partner for the Start Up Loans Company, a government-backed scheme which has so more than £76m to UK businesses so far. AIM, which represents over 800 music companies in the UK, will independently assess applications and approve business loans ranging from £1,000 to £25,000, which can be paid back in one to five years. The average loan amount is £5,700 and the interest rate is fixed at 6 per cent. Only companies trading for less than a year will be eligible to apply.