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09/05/2012 - Start-up Loans Pilot Scheme to Launch Later in Year

The Government has outlined more details about its new Start-up Loans Pilot Scheme for young entrepreneurs.

Outline details of the scheme were announced in the 2012 Budget. It has been confirmed that the scheme will be piloted in partnership with the National Youth Enterprise Working Group.

Based on the current student loan system, the initiative will enable young people who choose not to go to university to access low interest loans for starting up a business.

There is an anticipated overall budget of £10 million available. Loans are expected to be worth up to £2,500 per individual. The scheme will also provide access to training and business mentors.

Young entrepreneurs aged 18-24 who are planning to start up a business enterprise in the UK will be eligible to apply for a loan.

The pilot scheme, which will last for one year, is now expected to launch later this year. Details and deadline information (if applicable) will be reported when available.

The Prime Minister's enterprise advisor Lord Young recently outlined details of the new fund. Responding to a query by an entrepreneur, Lord Young said: "We will give you a mentor and if it [the business] passes a panel you are on your way."

"We want to give young people the best possible chance to start and grow their own enterprise," said Business Minister Mark Prisk. "This scheme is not just providing a small amount of funding, but is about looking at the bigger picture and we want to be able to offer a full package of business training and mentoring."

Source: BIS, 09/05/2012

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