18–24 year olds are to gain access to StartUp loans and expert, personal support to help develop business plans and access training.

An £82.5 million StartUp Loan scheme is to be launched that will give our next generation of entrepreneurs the finance and support to potentially start over 30 thousand new businesses, in a move to boost enterprise and economic growth.

Any young people aged 18–24 accessing the StartUp Loans can expect to receive expert and personal support to help develop a business plan and access training. Where the business plan is robust and approved, they will be able to access financial support in the form of a loan typically in the order of £2,500 with a repayment period of up to five years.

It comes on the day that Lord Young’s report on enterprise is published which shows that if we had the same rates of entrepreneurship as the US than we would have 900,000 more businesses in the UK.

StartUp loans
StartUp loans will be administered by a range of organisations 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.

Young people looking for support and finance through the StartUp loans can register at www.startuploans.co.uk or where they will receive regular updates and information, including on new delivery partners.

StartUp Britain will be working with a range of partners throughout the summer to raise awareness of this support, including a UK bus tour with business mentors on board, and events in towns and cities around the country.

For further information view the full article published on the number10.gov.uk website (28 May 2012): Click Here