An £82.5m StartUp Loan scheme has been launched to support UK-based young entrepreneurs and potentially start over 30 thousand new businesses.
Any young people aged 18–24 accessing the scheme will receive expert and personal support to help develop a business plan and access training. If the business plan is approved, they will receive a £2,5k loan with a repayment period of up to five years.
The scheme will be managed by a range of organizations that have experience in working with young people, including the Prince’s Trust and Manchester-based Economic Solutions Group.
These delivery partners will be responsible for providing start-up support, for assessing the business plan, for making the loan and for managing repayment.
James Caan will chair a new body to oversee the allocation of funds.
Young people can register at www.startuploans.co.uk or http://businessinyou.bis.gov.uk/.