Do you fancy being your own boss? Are you struggling to get financial support for your ideas? If so, this new government scheme could be for you.
The government have recently launched a pilot scheme to help young people turn their business ideas into reality.
The Start-Up Loans programme, chaired by James Caan, aims to provide affordable loans and business training to young people. The scheme is aimed at 18-30 year olds, living in England, who are looking to start their own business.
A lack of access to finance is not the only issue which affects hopeful business owners. The absence of professional support and guidance is also something which can prevent young entrepreneurs from getting their businesses off the ground.
This is a problem which the scheme aims to solve by assigning young entrepreneurs with mentors. The mentoring element of the scheme is compulsory and successful applicants are required to attend sessions with their mentor, who will help them make the best decisions for their business. The mentors, who are chosen for their experience and understanding of what it’s like to run your own company, are on hand to offer advice and support every step of the way.
What else should I know?
- Average loans of £2,500 will be awarded. The amount of the loan is agreed upon between you and the delivery partner.
- The Start-Up loan is a personal loan. This means 4 or 5 people from the same business can apply and could each receive and individual loan.
- You must pay back the loan within 5 years at a fixed-rate of interest (currently 6%)
- Anyone with a business in its initial phase, with no existing debt and without the infrastructure to deliver can apply for a Start-Up Loan. (There is some flexibility in who is awarded a loan so existing start-ups may also be eligible.)
- In addition to financial support and mentoring you will also receive resources from Start-Up Loans’ global partners.
- It takes just 4 working days to get a response once your application has been received.
- Once you’ve successfully registered you will automatically be entered to apply for loans when they come available.
For more information on the Start-Up Loans programme, case studies and details of how to apply visit http://www.startuploans.co.uk/.
Every Friday the Careers Centre holds Enterprise Appointments where you can discuss business related issues, including ideas generation and funding with a careers consultant. Search the ‘entrepreneurship’ and ‘starting your own business’ tags to the right, to read more on start-ups.