Skip to main content

oliver-taylor
28th September 2012

Government loans launched for student start-ups

A government initiative to loan money to students and young people has launched. The Start-Up Loans scheme, announced in May 2011’s Budget, will lend £82.5 million to prospective entrepreneurs aged between 18 and 24. Loans of up to £2500 are offered with £10 million of funding available in 2012 and the rest being made available […]
Categories:
TLDR

A government initiative to loan money to students and young people has launched.

The Start-Up Loans scheme, announced in May 2011’s Budget, will lend £82.5 million to prospective entrepreneurs aged between 18 and 24. Loans of up to £2500 are offered with £10 million of funding available in 2012 and the rest being made available in subsequent years if the first tranche of loans are deemed successful.

The scheme was launched by Vince Cable, the minister for Business, Innovation and skills. Speaking at the MADE Entrepreneurial Festival in Sheffield last week, Mr Cable announced: “With more young people than ever before looking to start their own business, Start-Up loans will provide the support they need to help get their business ideas off the ground.”

“The scheme is not just about money. They will also get access to professional mentors who will pass on their knowledge and expertise about running successful enterprises. Money is going out of the door now, so those who want to take advantage should apply today.”

The first business loans are being distributed by The Start-Up Loan Company, which is chaired by James Caan of Dragon’s Den. He told a crowd at ‘AT MADE’ festival: “Start-Up Loans are exactly what young people need to get them on their way to launching their own businesses. Through the Start-Up Loans Company, we are encouraging young people to be more entrepreneurial by taking their future into their own hands and creating their own opportunities.”


More Coverage

Nearly half of student gamblers are gambling more than they can afford

The majority of students (60%) had gambled in the past 12 months, although this was a decrease from last year (71%) 

Pro-Palestinian student groups occupy Simon Building in protest against University

Manchester Leftist Action have occupied the Simon Building to protest alleged University connections with Israel, along with students from UoM Rent Strike and Youth Front for Palestine

Nominations for Students’ Union Awards 2024 now open

Students can nominate themselves or others for the awards, which fall into four separate categories, with each award having its own awards night

UNiDAYS announce opening of Student Woman of the Year competition

The UNiDAYS-run competition aims to support female students who are making a difference and offers a £10,000 first prize for entrepreneurial initiatives