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News - 28 May 2012

A government initiative to boost entrepreneurship

Around £80m worth of loans will be made available to get new businesses off the ground in a new scheme aimed at young entrepreneurs.

David Cameron said he hopes the initiative could lead to 30,000 more start-ups and unleash a "new wave" of enterprise to support much-needed economic growth.

The StartUp Loan scheme is for 18 to 24-year-olds, the Prime Minister said he wanted young people to have the confidence and support to turn "that spark of an idea into the next global brand".

The StartUp Loans are expected to be worth typically around £2,500, which would be repaid within five years at most. Interest will be charged at the level of the Retail Prices Index plus 3%. The people taking up the loans will also have the opportunity to have a Mentor to provide advice and experience as well as the initial funding.

Former Conservative minister Lord Young of Graffham said the loans would "transform the enterprise potential of a new generation".

Tonmoy Kumar, Manager of the Accounts Department of ABDS says:
“A newly-published enterprise review says Britain would have 900,000 more businesses if it had the same rate of entrepreneurship as the US.”

The scheme is similar to the Prince's Trust Enterprise Programme, which was launched in 2009-2010. The StartUp Loans scheme will be chaired by entrepreneur and Dragons' Den participant James Caan, and administered by groups that already work with young people.

If you need any help and advice when starting up a new business contact Lavinia Newman, Stuart Coleman or Tonmoy Kumar to discuss how ABDS can help

ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900  E-mail: abds@netaccountants.net

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