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FPB support Government’s young enterprise loans

The Government has launched its StartUp Loans for young people between the ages of 18 and 24 today.

The initiative will supply successful applicants with a £2,500 loan, and hopes to incentivise young people with solid business ideas to make a reality of them.

The Forum of Private Business has teamed up with the Government to offer free access to its online Credit Control Guide, a telephone consultation with a business advisor, and access to a new start up membership, equivalent to a 40% discount on standard Forum membership.

The Forum’s Chief Executive, Phil Orford, said: “We think this new Government initiative is a fantastic opportunity to get the young Richard Branson’s of the UK to have a go.

“This is why we are absolutely behind this project and are adding weight to it. “Free access to our Credit Control Guide and discounted membership adds another string to the scheme’s bow, by showing young entrepreneurs how best to manage their new businesses cash flow, as well as offering discounted access to our other services and products that will support them.

Mr Orford outlined the benefits of managed credit control systems for managing cash flow and debtors.

He added: “Smart credit control is essential for all businesses, especially first-timers who will find it particularly useful. And, with 1 in 4 businesses declared insolvent due to late payment of invoices, taking control of your debtors – especially in the current climate – is something anybody new to business should be doing.

“Chasing unpaid invoices is a colossal drain on time and morale, but it’s something we know is happening more and more. Our latest research shows more than half of all small businesses feel late payment is now a serious problem.

“We believe this Government scheme will incentivise many young entrepreneurs with a great business idea to finally pluck up the courage and put their plan in motion. We hope our own input will help them make up their minds.”

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