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Oct 9, 2012

Thousands apply for multi-million pound startup scheme

The Start-Up Loans Company’s £10 million project has received an astounding response, with more than 2,000 applications from young business hopefuls.

The scheme was launched at MADE: The Entrepreneur Festival as a preliminary part of an extensive £82.5 million initiative backed by the UK government.

It is set to provide loans of up to £2,500 to startups and young entrepreneurs between the ages of 18 and 24 over the next three years.

Entrepreneur and ex-Dragon’s Den judge James Caan celebrated the funding of the first successful applicants on October 3, while announcing an additional £50 million of financial support from corporate giants such as Metro Bank, PayPal and eBay.

He endeavoured to inspire young people to pursue their own entrepreneurial ambitions and sign up for the scheme: “Start-Up Loans Company aims to stimulate entrepreneurship across England and highlight starting a business as a viable career option for young people.

“I know from personal experience both how exciting and challenging it is to start a business but with the mentoring advice we provide and the corporate support we have from Regus and PayPal we can make a huge difference to these new businesses.

“I encourage everyone aged 18-24 to apply and see where their business idea can take them.”

StartUp Britain is also supporting the project and recently launched a month-long bus tour aimed at inspiring these young people and encouraging them to sign up to the scheme.

It will travel to 40 different universities and colleges, carrying a team of business experts made up of entrepreneurs, authors and mentors. 

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