Government offers start-up loans to young

YOUNG enterpreneurs will be helped to launch new businesses through an £82.5m loan scheme launched by the Government today.

The StartUp Loan scheme will see people aged between 18 and 24 helped to develop business plans, with the best gaining access to loans of around £2,500.

Prime Minister David Cameron said: “I want this to be the year where people can think yes, I can do it, that we can get as many viable businesses as possible off the ground, that people can have a go, and that we see a whole new wave of entrepreneurs who start small but think big.

“StartUp loans are a fantastic opportunity for young people, not only to get the financial support they need, but also to give them the confidence to believe they can do it, that they can turn that spark of an idea into the next global brand.”

A report published by Tory peer Lord Young today suggests if the UK could match the United States in the rate of new enterprises started each year, this country would have 900,000 additional businesses

He said: “Thirty years ago small businesses were in decline, now we have record numbers, with many tens of thousands starting each year, they are the engine room of our economy and critical to future economic growth.

“But we cannot be complacent, now more than ever we have got to get behind our small businesses and encourage even more people to seize the opportunities and support that there is to start up on their own.”

The loans will be managed by organisations with a track record of working with young people such as the Prince’s Trust and the Manchester-based Economic Solutions Group.

Entrepreneur James Caan will chair a body that will oversee the delivery of the loan scheme.