Business Enterprise Fund to support young enterprise

DOZENS of young people across the region are being given a boost to start new businesses thanks to a new initiative.

The Business Enterprise Fund (BEF), which is supported by the Europen Union, has revealed it will be administering a new Government funded scheme, which will offer loans to 18 to 30 year olds in North and West Yorkshire to help them with their fledgling companies.

Earlier this year it was revealed that £112m would be given nationally to the start-up loans scheme, which is being run by the Start-up Loans Company and chaired by TV’s Dragons’ Den entrepreneur James Caan.

BEF will be taking care of the scheme in North and West Yorkshire.

Fund director Stephen Waud said it would provide a help to young entrepreneurs making their way in business.

Mr Waud said BEF had a target of handing out 40 loans in the next two months alone.

“The success of young entrepreneurs is vitally important to the region’s economy and the future of the area as a whole,” he said.

“We are delighted to be part of the scheme and anything we can do to assist them and is a bonus and these loans will be crucial in helping businesses get off the ground.”

BEF has attracted £10m investment from the European Regional Development Fund (ERDF).