Member Article

First wave of young start-up loans

The Government has begun to allocate the first part of an £82.5m start-up loans scheme to benefit young people.

‘Start-Up Loans’, as talked about on Bdaily, are aimed at entrepreneurs between the ages of 18-24, with a range of support including access to a business mentor and capital.

Funds of £2,500 will be given to help young people get their business idea moving, as service providers for the scheme include The Prince’s Trust, South West Investment Group (SWIG) and Let’s Do Business.

Vince Cable was at Sheffield’s MADE festival to meet some of the young people who have received a Start-Up Loan.

Mr 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 business 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.”

Celebrity entrepreneur James Caan has also thrown his weight behind the scheme, led by his Start-Up Loans Company.

Mr 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 was posted in Bdaily's Members' News section by Tom Keighley .