Young entrepreneurs urged to look into loans scheme

BUDDING Black Country entrepreneurs are being urged to make the most of a new fund aimed at helping them set up their own business.

The new national StartUp Loans scheme was launched recently and Black Country business leaders are keen to see local young people take full advantage.

The scheme will offer finance and support to entrepreneurs, aged 18-24, in a bid to kick-start more businesses and tackle youth unemployment.

Applicants will receive advice and guidance, with the most promising going on to receive formal mentoring and training, including help with developing a business plan. Those with “robust and approved” plans will then be eligible for loans of around £2,500.

Stewart Towe, chairman of the Black Country Local Enterprise Partnership, said: “The support and advice available through this scheme could help local young entrepreneurs turn an idea and a proposal into a real business. We would urge people to find out more and look to secure valuable funds that could help get their business off the ground.”

Councillor David Sparks, leader of Dudley Council and LEP board member, added:  “As with other initiatives such as the Prince’s Trust loans, which are also available across the region, people can pick up support in a variety of ways including help in putting together a business plan right through to receiving a loan to set up the business.”

The maximum repayment terms on offer with the loans will be five years, while the interest rate will be set at the Retail Price Index (RPI) plus 3%.