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Government ‘Start-up Loans’ to benefit young entrepreneurs

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The Government has launched a new scheme that will benefit upcoming limited company contractors.

The new proposal, Start-Up Loans, aims to help young people to set themselves up in business by providing 18 – 24 year olds with access to business mentoring, capital management training and a cash sum of £2,500 to start their business up.

The Government hopes that the initial investment of £82.5 million will help to create up to 30,000 new businesses; good news for young contractors looking to start up their own limited companies.

Business Secretary Vince Cable said, “With more young people than ever before looking to start their own business, Start-Up loans will provide the support they need to help get their business ideas off the ground.

“The scheme is not just about money. They will also get access to professional mentors who will pass on their knowledge and expertise about running successful enterprises. Money is going out of the door now, so those who want to take advantage should apply today.”

The launch comes not long after it was recently announced that the Government also has plans to produce a business bank, which could support as much as £10 billion of new lending to small businesses.

The Business Secretary, Vince Cable, has made the announcement that the Government is taking the ‘first steps’ for the new bank, which will centralise the Government’s financial support for small businesses in a single place; the overall aim is make it easier for small businesses is to gain access to finance.

Vince Cable commented, “For decades British industry has lacked the sort of diverse, long-term finance that is quite normal elsewhere.

“Having a functioning, diverse supply of finance is an integral part of the Government’s industrial strategy. It is all about making the right decisions now to secure our long-term industrial success.”

Further details of the ‘small business bank’ will be released in the next few months.

Please visit our Contractor News page for all other news. To discuss this story further visit our SJD Accountancy Blog.

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