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LOAN SCHEME LAUNCHED FOR YOUNG ENTREPRENEURS

ENTREPRENEURIAL young Islanders are encouraged to take part in a new StartUp loan scheme, launched yesterday by the Government.

Ministers announced yesterday that the £82.5m loan scheme, designed to encourage young people to start up  their own business, is a key plank in the UK’s recovery.

It is hoped that this StartUp Loans scheme will foster a more entrepreneurial culture amongst school leavers and university graduates, as well as creating jobs for the 18-24 age group, where high levels of unemployment have been a particular problem for many years.

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The Island’s MP, Andrew Turner, commented: “This is a national scheme that is ideal for the Island as Island people generally tend to be more self-reliant.  I hope that young people on the Island register to find out what help is available so that the Island can benefit from a fair share of this funding.  Good businesses don’t always need lots of capital to start up.  Tesco and Lord Sugar’s Amstrad both started as market stalls.  Others grow from a good idea or a different approach to solving a problem that nobody else has thought of.”

The scheme will offer up to £2500 at 3% above RPI and is repayable over 5 years.  As well as the loan, would-be entrepreneurs get a business mentor and a free start-up kit giving them valuable guidance on how to start a business, along with £500 worth of free products, from business cards to websites, notebooks to business suits.

Budding Young Entrepreneurs can register online at http://businessinyou.bis.gov.uk

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