The Government has announced the launch of a new £82.5 million student-loan style initiative for young entrepreneurs in England who are planning to start a new business.

Initial plans for the StartUp Loans scheme were first announced by the Government in the 2012 Budget. Based on the current student loan system, the scheme will enable young people who choose not to go to university to access low interest loans to help them start up a company.

Young entrepreneurs taking part in the initiative will be awarded a small amount of capital to help them get started. Loans of up to £2,500 per individual are available.

In addition to the loan, applicants will receive business support and mentoring and a free copy of the StartUp Loans Kit, which offers guidance on starting a business, together with more than £500 worth of offers on products, from business cards to websites, netbooks and work suits.

The scheme is open to 18-24 years-olds who are planning to start up a business enterprise in England. Applicants will need a “viable” business idea in order to qualify for support.

Speaking about the launch of the scheme, Lord Young of Graffham, Originator of StartUp Loans said:

“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.”

James Caan, Chairman of the StartUp Loans Company said:

“To be an entrepreneur is more than having a job. It gives you the freedom to make your own mark, in the way in which you choose, and create your own path to success. It can be challenging, and exceptionally hard work, but the rewards are immeasurable.”

Applications may be submitted at any time.

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Source: StartUp Britain, 28/05/2012