The first cash from the government £82.5 million Start-Up Loans scheme is now being distributed to young entrepreneurs, with the aim of helping to launch up to 30,000 new companies.
Start-Up Loans will provide 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 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.”
The scheme is being led by the newly formed led by entrepreneur James Caan. So far 1,200 people have registered an interest in applying for a loan.
Mr Caan said: “We are encouraging young people to be more entrepreneurial by taking their future into their own hands and creating their own opportunities.”
Link: Start-Up Loans Company