MP welcomes boost to young business people

The Government has launched an £82.5m scheme to give 18 - 24 year olds finance and support for business ideas.

They claim it could potentially start over 30 thousand new businesses, in a move to boost enterprise and economic growth.

The news has been welcomed by Rye MP Amber Russ, who commented: “Small businesses are the engine room of our economy and critical to future economic growth.

“Now, more than ever, we have got to get behind our small businesses and encourage even more people to seize the opportunities and support that there is to start up on their own.

“Having seen so many good ideas from residents in the Tomorrow’s Business Builders entrepreneur competition, I am sure that lots of local people will be ready to take advantage of this scheme.

“Start up loans are a fantastic opportunity for young people not only to get the financial support they need but also to give them the confidence to believe they can do it, that they can turn that spark of an idea into the next global brand.”

Any young people aged 18-24 accessing the StartUp Loans will receive expert and personal support to help develop a business plan and access training. Where the business plan is robust and approved, they will be able to access a loan, typically in the order of £2,500, with a repayment period of up to five years.

Young people looking for support and finance through the Start up loans can register at www.startuploans.co.uk or http://businessinyou.bis.gov.uk, where they will receive regular updates and information.