Latest news: StartUp Loan opportunity for young entrepreneurs

The government has launched a new initiative aimed exclusively at 18 to 24-year-olds. 07/06/2012

Applicants who live in England and want to start a business can apply for up to £2,500 of financial support in the form of a StartUp Loan.

As well as a loan, the scheme offers business support and mentoring for young entrepreneurs looking to join the 4.14 million self-employed people in the UK.

David Young, Lord of Graffham, founder of StartUp Loans, said, ‘The programme is designed to help you create a business plan, and then give you a loan to get started. You will get continuing support from your mentor, and your future will be in your own hands. The limits of your business will be up to you.’

James Caan, chairman of the StartUp Loans Company, stated, ‘To be an entrepreneur is more than having a job. It gives you freedom to make your own mark, in the way which you choose, and create your own path to success. It can be challenging, and exceptionally hard work, but the rewards are immeasurable.’

The StartUp loan is a personal loan and beneficiaries are required to pay it back within three to five years at a fixed APR (annual percentage rate) of 3% plus RPI (Retail Price Index), which is currently 3.5%.