The Start-Up Loan scheme was set up to help young people start out in business by providing loans averaging £4,500 and backing that through quality business mentoring.
The scheme has seen huge growth with strong demand in the 18-30 age bracket. The scheme has already reached it’s £10m pilot spend. The great news is that yesterday Parliament agreed a further £5.5m to ensure the scheme can fulfil its pipeline until the end of this month.
Over 2,000 young entrepreneurs have so far received support from the scheme and this is set to increase further as the government has made £117.5m available to fund this loan scheme up to 2015.
David Cameron made the following comment yesterday –
‘Start-Up Loans are now helping thousands of aspiring young entrepreneurs get the finance and support to strike out on their own and launch their own business’
‘The success of this scheme shows that young people have got ideas, the ambition and sheer commitment to get ahead – and it is by backing them, and backing their aspirations that we will be able to compete and thrive in the global race’
The scheme has received support from The Prime Minister, former dragon James Caan, as well as The Duke of York and Elle McPherson.
Read more about what is happening with this scheme here.
Quite simply, we believe in encouraging enterprise and supporting young entrepreneurs. We are already active members of the IOEE, with David Farmer holding Associate Status.
We are also keen to work with Start-Up Loans and expand our charitable business mentoring even further.
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