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Government launches start-up loan scheme for young people

The Government has announced a new loan scheme aimed at encouraging young people to start a new business.

The £82m StartUp Loan scheme will offer people aged between 18 and 24 the opportunity to apply for loans of around £2,500, with Prime Minister David Cameron hoping that the scheme will lead to a ‘new wave’ of enterprise and result in as many as 30,000 additional start-ups.

Under the scheme, the loans must be repaid within a maximum period of five years, with interest charged at a rate of RPI plus 3%.

Launching the scheme, David Cameron said, ‘StartUp 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’.

The scheme will be chaired by entrepreneur James Caan and will be administered by groups that work with young people, such as the Prince’s Trust.