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News - 8 October 2012

New Scheme to help young Entrepreneurs

The Government-backed Start-Up Loans Company offers people between the ages of 18 and 24 loans of £2,500 to get their businesses off the ground. The scheme, which was launched in May, aims to create over 30,000 new businesses in the next three years, has £10m available to lend.

If successful, it will be boosted by a further £32.5m in the next financial year, and £40m between 2014 and 2015.

The entrepreneurs will also be given mentors, training and support from larger firms as part of the year-long pilot.
 
So far it has received almost 2,000 loan applications as it begins lending.

James Caan, Dragons' Den panellist and chairman of the company said:
"The whole objective of Start-Up Loans is to provide that initial seed capital that gets the business up and running."

Lavinia Newman, Founder of ABDS comments:
“The funding is being provided by a network of organisations including The Prince's Trust, Sir
Richard Branson's charity Virgin Unite, and Business Finance Solutions in the North West.”

If you need any help and advice on 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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