£80m made available to help young people set up their own business
The government has announced an £82.5 million loan scheme called StartUp that will provide the next generation of entrepreneurs the finance and support to potentially start over 30 thousand new businesses. The scheme will be available for 18–24yr olds to gain access to loans, experts and personal support to help them to develop business plans and access training. Where the business plan is robust and approved, they will be able to access financial support in the form of a loan typically in the order of £2,500 with a repayment period of up to five years.
StartUp loans will be administered by a range of organisations that have experience in working with young people, including the Prince’s Trust and Manchester-based Economic Solutions Group. These delivery partners will be responsible for providing start-up support, for assessing the business plan, for making the loan and for managing repayment. James Caan, one of the UK’s best known entrepreneurs, has agreed to chair a new body to oversee the allocation of funds and to work with delivery partners to ensure the young people gain the maximum benefit from the support and finance on offer.
StartUp Britain will be working with a range of partners throughout the summer to raise awareness of this support, including a UK bus tour with business mentors on board, and events in towns and cities around the country. The scheme is in part based on the findings of Lord Young’s report into small business "Make Business your Business Supporting the Start-up and development of Small Business".
From today young people looking for support and finance through the StartUp loans can register at www.startuploans.co.uk or http://businessinyou.bis.gov.uk/ where they will receive regular updates and information, including on new delivery partners.
Read the full Press Release here.