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Loans for young entrepreneurs welcomed

The Youth Enterprise Loan scheme, as announced by the Chancellor in the recent Budget, has been garnering support from industry and entrepreneurs.

The scheme presents a £10m nationwide pilot programme to provide support for young entrepreneurs in starting up their businesses.

Minister of State for Business and Enterprise Mark Prisk: “This Government thinks that everyone should have a chance to turn their idea for a business into reality.

“That’s why in the Budget this year we announced we are setting up a Youth Enterprise Loan scheme.

“We are already working with some great organisations in the National Youth Enterprise Working Group to make sure that their experience and expertise is built into our work.”

Paul McEldon, Chief Executive of the North East Business & Innovation Centre (BIC), said: “The recent news that the government are allocating funding to young people, wishing to start their own business is very promising.

“However, finances are just one thing young people need to think about when starting their own
business; it is just as important to ensure that they have access to support and guidance if they are to have to every chance of success. As a business support agency we have helped over 150 people start their own businesses last year alone, providing support services for businesses of all shapes and sizes.

“The Youth Investment Fund will provide young people with an opportunity to access funds and
support in order to start their own business. This offers a real alternative for young people who
want to go down the enterprise route.

“Closer to home, another positive development is Sunderland College’s enterprise hub, a facility designed to teach young people how to start a business. Granted hub status by the Peter Jones Enterprise Academy, this project will enable the college to introduce new qualifications which focus on enterprise and entrepreneurship; and is an excellent illustration of an effective business and education partnership.”

Jules Quinn, founder of The TeaShed, commented: “I think its absolutely fantastic news. It is a fact that there are a shortage of jobs. Especially for young people.

“Starting your own business, I believe it a great way of getting young people into employment. We need to support this in every way we can.

“Help with finances is most definitely a start. Empty shop/offices spaces offered at discount and business rate relief are other ways.
“Mentoring is also vital…. ‘teach them to fish and they will eat for the rest of their lives.’

“Young people are so creative and open minded. They can literally do anything (although maybe not straight away!). It is imperative that the government supports and nurtures this as much as possible, both financially and in education.”

We are interested to hear your views on the scheme. Let us know in the comments below.

This was posted in Bdaily's Members' News section by Tom Keighley .