James Brokenshire has given his support to the launch of a new scheme to back 18 - 24 year old entrepreneurs with finance and support. The £82.5m programme could potentially start over 30 thousand new businesses, in a move to boost enterprise and economic growth.
Any young people aged 18-24 accessing the StartUp Loans will receive expert and personal support to help develop a business plan and access training. Where the business plan is robust and approved, they will be able to access a loan, typically in the order of £2,500, with a repayment period of up to five years.
The StartUp loans will be administered by a range of organisations with experience in working with young people, including the Prince's Trust and Manchester-based Economic Solutions Group. 2011/12 marked a record high for business start-ups; over 450,000 people set up a company and became their own boss.
Commenting, James Brokenshire said:
“This scheme is a really good opportunity to encourage young people into business and give them the confidence to build their own enterprises. I’m sure it will help promote new business ideas and give bright young entrepreneurs encouragement to turn their plans into reality. It’s a great way to encourage the next generation of business leaders as well as promoting innovation in the economy”
More information is available at: http://www.startupbritain.org/loans/