The business secretary Vince Cable has officially launched the government’s Start-Up Loans scheme at MADE: The Entrepreneur Festival
The loans, which are available to budding entrepreneurs aged 18-24, are now available and have already seen over 1,200 people registering their interest in applying.
Designed to provide an alternative to further education, while also relieving youth unemployment, it is hope the scheme will support the launch of up to 30,000 new companies in the UK.
Led by the newly formed Start-Up Loans Company, under the leadership of James Caan, the scheme will use its £82.5m investment pot to offer thousands of entrepreneurs seed capital of around £2,500.
Speaking this morning on the first day of MADE, Cable said: “With more young people than ever before looking to start their own business, Start-Up Loans will provide the support they need to help get their business ideas off the ground.
“The scheme is not just about money. They will also get access to professional mentors who will pass on their knowledge and expertise about running successful enterprises. Money is going out of the door now, so those who want to take advantage should apply today.”
Also speaking at the event, the prime minister’s enterprise adviser Lord Young added:
“If we were as entrepreneurial as the US we’d have 900,000 more firms. There would be no unemployment. We would have an entirely different business environment.
“I’m the more experienced…alright, oldest person in this room, and I can honestly say that I have never, ever, known a better time to start a business.
“We’re going to get those extra 900,000 companies – and you’re going to do it!”
If you are aged 18-24 and interested in applying for a Start-Up Loan, visit the Start-Up Loans website