Business | £2,500 Start Up Loan Available for 18-24 Year Olds

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The Ed.

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It's not often I get a chance to champion a government initiative but this new scheme is one that can only do our industry good. The new project aims to support young entrepreneurs in their efforts to set up successful small businesses and young therapists looking to set up salons or spas are just what they are looking for. If you're 18-24 and have a credible business plan, you're in with a shot.

Phil McCabe, a senior policy advisor at the FPB says, "With bank lending still scarce this initiative is a viable alternative for entrepreneurs who may be having problems accessing finance from a high street lender."

And, even better it's minimal risk. "Of course the beauty of this scheme is that those firms that don't do well won't have to pay the loan back."

The scheme is backed by the Forum of Private Business (FPB) and they have pledged support for the scheme offering successful applicants free access to it's online Credit Control Guide, an essential tool for all businesses but especially for first timers, and discounted membership.

"With one in four businesses declared insolvent due to late payment of invoices, taking control of your debtors is something new to business should be doing. Our latest research shows more than half of all small businesses feel late payment is now a serious problem."

This is good news for our industry. With our sector showing some of the most impressive growth amid the recession, our young professionals certainly have a good chance to receive the support they need.

Until then...geek on!

The Ed.
 

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beautify2

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This looks and sounds great! How do I find out more?

Thanks!:biggrin:
 

The Ed.

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Adamantine

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Everything has a cut off of 24 it seems. They need to do more for older people. Though I'm not old I'm only 27 but no help available to us.
 

cheekychick

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Everything has a cut off of 24 it seems. They need to do more for older people. Though I'm not old I'm only 27 but no help available to us.
So true! That's why it's taken me so long to save up to train in different things. Not that I expect handouts. I knew what I wanted to do when I left school but my parents apparently earned too much for me to get funding for a beauty course but they couldn't afford to pay for my course. Then when I left school a year later they built a state of the art beauty centre to train sixth formers instead of them going to college and it was funded by them. Sods law aye! Lol x
 

Emily Case

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I only started my business 7 months ago, and at the time I searched for days for something like this to help me out! I found nothing, so went it alone... I've got to say, I feel more proud of myself that NOONE helped me out and I did it all off my own back!

I think it's good for those who struggle though and need a little help to kick-start their career.

xx
 

Adamantine

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Yeah young people need help and access to funds but so do the rest of us.

I'm scrimping and saving buying what I can when I can to spread it out. I'll get there on my own but would be good to have some help. My local business gateway haven't bothered to call me back!

Congrats for doing it in your own though. It's not easy!
 

NailsXpress

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I too would love to get my own salon but having looked around lately it just seems that I may never get there unless I could get some sort of loan for a self employed 50 year old. Mmmmm. No offers out there it seems.
 

brittone05

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I agree - the government should also realise that the people who have paid into the country for years to then change career and retrain may also require help starting their own businesses. Not easy with mortgages, children etc to pay ( not saying that those under 24 don't have thecommitments that over 24's do btw lol ) xx
 

beautybyK

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I love how the web address is start up Britain however to be eligible you have to live in England! Oh well no help for me then
 

PixieBeauty

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Re the age thing, just to put across a different perspective:

The pot of money is finite, so yes in an ideal world there would be help for everyone but as we can't do that, who do we think needs more help? Possibly the less experienced ones...?

There are agencies out there trying to redress the balance of the effect this recession has had in the is age group. I count myself very lucky to be the age I am. Five years younger and there's no job market for young people to go into, age 16 to 25. Kudos to those that are trying to create their own job market. How are they supposed to compete with everyone else who yes, has a difficult job market to get into but also has years of experience as well.

I say it's money we'll spent, given the first point-we can only spend it once. Just my opinion xx
 

LillyGoose

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This is a brilliant scheme.

Im 20, rent a house have car and need to pay my bills. Hairdressing is my passion and to be given a little help to start up a business. Well, This is perfect


will look in to this :D
xx!
 

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