CASH from a £82.5 million Start-Up Loans scheme is now being distributed in a bid to help young business stars create up to 30,000 new companies.
Start-Up Loans are aimed at providing budding entrepreneurs between the ages of 18-24 with a range of support, including access to a business mentor and capital, in the region of £2,500, to help get their business idea moving.
Business Secretary Vince Cable said: “With more young people than ever before looking to start their own business, Start-Up loans will provide the support they need to help get their ideas off the ground. The scheme is not just about money. They will also get access to professional mentors who will pass on their knowledge and expertise about running successful enterprises. Money is going out of the door now, so those who want to take advantage should apply today.”
The scheme is being led by the newly formed Start-Up Loans Company, led by entrepreneur James Caan. So far 1,200 people have registered an interest in applying for a loan.
James Caan said: “Start-Up Loans are exactly what young people need to get them on their way to launching their own businesses. Through the Start-Up Loans Company, we are encouraging young people to be more entrepreneurial by taking their future into their own hands and creating their own opportunities.”
This year the government is running the Business in You campaign to inspire more people to start or grow their business backed by a range of existing business support services provided by the public and private sectors. More information available at www.businessinyou.bis.gov.uk