Startup loans for young people

I’ve just heard about an interesting new scheme set up by the Government to offer loans to young people who are interested in setting up businesses. I’ve come across this through Brightside who are one of the official delivery partner for the Government. If you are interested in the background to the scheme have a look at the information on the Number 10 website.

For those of you who are working directly with young people it looks like a good opportunity that you might want to bring to some of your learners attention. The scheme offers 18-30 year olds funding on startup-friendly terms and, very importantly, includes one-to-one business mentoring as well. The package includes:

  • Funding:  Between £2,500 and £10,000 per founder, at a fixed interest rate of 6%,
    repayable over 5 years
  • Mentoring: A dedicated business mentor from a relevant background and/or industry
  • Support: Services and discounts from companies such as eBay, Paypal and Regus

Brightside are looking for both potential entrepreneurs to recieve the loans (see https://www.brightsidestartuploans.org/@@mentee_signup) and business mentors.  So if any readers of Adventures in Career Develoment have the skills or expertise to help someone start a new business they should get in touch with Brightside’s Start-up Loans coordinator, Mawuli Ladzekpo (mawuli.ladzekpo@thebrightsidetrust.org).

I’ll be watching with interest to see the take up of this scheme and the success rates of the new capitalised and mentored businesses.

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