Start-up Loans Scheme for Young Entrepreneurs Launched

Start-Up Loans SchemeBusiness and Enterprise Minister Mark Prisk has announced the next stage of the Government’s £10 million Start-up Loans pilot scheme for young people.

The initiative aims to provide budding entrepreneurs with support and a small amount of capital to help them get started as well as access to training and business mentors. The scheme was unveiled in the last Budget.

Now the Government is inviting proposals from organisations that can offer the right level of support to deliver the programme — with a deadline for expressions of interest by the 9th of May.

“We want to give young people the best possible chance to start and grow their own enterprise,” said Mark Prisk. “This scheme is not just providing a small amount of funding, but is about looking at the bigger picture and we want to be able to offer a full package of business training and mentoring.”

An initial £10 million has been announced to provide capital for Start-up Loans — a fund that that the Government hopes will help tens of thousands of young people take their first steps as entrepreneurs every year. Any young person between the ages of 18-24 with a viable business idea could be eligible.

Stu Anderson, Project Director at Shell LiveWIRE has welcomed the announcement. He said:

“These loans offer the chance for many young people with little financial track record to access seed funding to get their ideas off the ground.”

“There are thousands of young people with great ideas who find it hard to access funding. This scheme not only offers a chance to finance an idea, but it also packages together support to ensure that they have their best possible chance of success in business.”

UPDATE: 21st September 2012, First Start-Up Loans go to Young Entrepreneurs

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