Young entrepreneurs embrace StartUp Loans
- By Greg Rose -
- May 29, 2012
Following months of hardwork and campaigning, Virgin Media Pioneers' Youth Investment Fund efforts are provoking change to Government policy.
The Youth Investment Fund is a Virgin Media Pioneer-led idea to provide startups with better access to finance. Now the Government has introduced StartUp Loans, a scheme that aims to lend up to £2,500 to any young person wanting to start a business.
Speaking when the Chancellor introduced the idea of a Youth Enterprise Loan into the 2012 Budget, Richard Branson commented: "This has the potential to transform the prospects of thousands of young people. The entrepreneurs of today will be the job creators of tomorrow so I’m delighted that the Government has listened to those at the very start of their careers.
"The country is full of gifted and enterprising people so this pilot, which crucially has business mentoring and support at its heart, will help prevent a lost generation of talent."
Lord Young of Graffham, Originator of StartUp Loans, added yesterday: "The StartUp Loan programme is designed to help you create a business plan, and then give you a loan to get started.
"You will get continuing support from your mentor, and your future will be in your own hands. The limits of your business will be up to you."
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