Black Country LEP urges start-ups to bid for funding

YOUNG entrepreneurs in the Black Country have been urged to give their new businesses a fighting chance to applying for funding help through a national loans scheme.

The Black Country Local Enterprise Partnership said it was important that fledgling businesses got all the help they could and said the national StartUP loans scheme was an important facility.

The scheme, launched at the start of the summer, offers finance and support to entrepreneurs, aged 18-24, in a bid to help start up 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.

Chris Handy, private sector lead on entrepreneurs for the LEP, said: “We know we have young, talented entrepreneurs in the Black Country and the support and advice on offer through this scheme could help them turn their ideas into a real business. We would urge more people to find out more and help secure themselves valuable funds that could help get their business up and running.”

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%. All repayments and interest will be channelled back into a central pot to support other young entrepreneurs.

Businesses looking to find out more should visit www.startupbritain.org/loans