The StartUp Loans scheme for 18-24 year-olds, launched earlier this summer, is accepting applications.
StartUp Britain worked with the Department for Business, Innovation and Skills to launch StartUp Loans, a new £82.5 million student-loan style initiative for young entrepreneurs in England who are planning to start a new business.
Based on the current student loan system, the scheme will enable young people who choose not to go to university to access low interest loans to help them start a company. Young entrepreneurs taking part in the initiative will be awarded a small amount of capital to help them get started. Loans of up to £2,500 per individual are available.
In addition to the loan, applicants will receive business support and mentoring and a free copy of the StartUp Loans Kit, which offers guidance on starting a business, together with more than £500 worth of offers on products, from business cards to websites, netbooks and work suits.
The scheme is open to 18-24 year-olds who are planning to start up a business enterprise in England. Applicants will need a ‘viable’ business idea in order to qualify for support. Applications may be submitted at any time. It is anticipated that the first awards under the initiative will be made in September 2012.
For more details visit the Business in You website at http://businessinyou.bis.gov.uk/start-up-loans/