Member Article

Loan scheme to boost Yorkshire entrepreneurs

Dozens of young entrepreneurs across North and West Yorkshire will be given a major boost to start new businesses thanks to a new initiative.

The Business Enterprise Fund (BEF) has revealed it will be administering a new Government funded scheme, which will offer loans to 18-to-30-year-olds across the region to help them with their fledgling companies.

Earlier this year it was revealed £112m will be given nationally to the start-up loans scheme, which is being run by the Start-up Loans Company chaired by TV’s Dragons’ Den entrepreneur James Caan.

BEF will be taking care of the scheme in North and West Yorkshire and fund director Stephen Waud said it will provide a huge help to young entrepreneurs making their way in business.

People applying for the loans do not have to be previously turned down by a bank, while the interest rate is low (about six per cent) compared to other loans.

Applicants will also get additional business support from BEF and Mr Waud said there is an ambitious target of handing out 40 loans in the next two months alone.

“The success of young entrepreneurs is vitally important to the region’s economy and the future of the area as a whole,” he said.

“We are delighted to be part of the scheme and anything we can do to assist them and is a bonus and these loans will be crucial in helping businesses get off the ground.

“It can be difficult in the early days of any business and especially for young people trying to secure funds. This scheme will take some of the pain out of the process and must be seen by young entrepreneurs as a golden opportunity.”

Nationally, it is expected the £112m will be allocated by April 2015, meaning about 45,000 entrepreneurs will have taken up the loans.

To find out more about the scheme go to www.befund.org, call 0845 2003919 or e-mail info@befund.org. Follow BEF on Twitter at @be_fund

This was posted in Bdaily's Members' News section by Jonathan Redhead .