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Entrepreneur Start-Up Fund Launched

A new loan fund has been launched which aims to help budding young entrepreneurs across Derbyshire and Nottinghamshire start-up their own businesses.

The new Young Persons Loan Fund scheme is being delivered by First Enterprise Business Agency in partnership with the Derbyshire and Nottinghamshire Chamber of Commerce (DNCC).

It aims to provide 18–24 year olds with access to business start-up funding and expert, personal support from business mentors to help develop business plans and access training.

Once a viable business plan is approved, they will be able to access financial support in the form of a loan of up to £5,000 with a repayment period of up to five years.

The Government has allocated a three-year national cashpot worth £82.5m to fund the scheme, which it hopes will give the next generation of entrepreneurs the finance and support they need to start their own businesses, in a move to boost enterprise and economic growth.

DNCC Chief Executive George Cowcher said: “Today’s young entrepreneurs are the business leaders of tomorrow and this new loan scheme is all about giving them the finance and support they need to start their own businesses.

“Self-employment and starting up in business can offer a real alternative to young people – especially at a time of high youth unemployment – and this scheme will provide a real boost to those who want to make their business ideas a reality.

“It will ensure that they get the support, expertise and funding to start, sustain and grow their own business.”

Source: Midlands Business News

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