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People aged between 18 and 24 who have a “viable business plan” can apply for funds, expected to typically be about £2,500, from StartUp Loans.

The loans must be repaid within five years, and interest will be charged at the level of the Retail Prices Index plus 3%.

 

The loans will be administered by private sector companies and charities such as the Prince’s Trust that already work with young people.

 

Mr Cameron said he hopes the initiative could lead to 30,000 more start-ups and give a boost to economic growth.

“I want this to be the year where people can think yes, I can do it, that we can get as many viable businesses as possible off the ground, that people can have a go, and that we see a whole new wave of entrepreneurs who start small but think big."

 

The scheme will be chaired by entrepreneur and Dragons' Den participant James Caan.

 

Mr Caan said the initiative "provides guidance, access to expertise and finance. These are the three vital ingredients for starting your own business."

It comes as an enterprise review says the UK would have 900,000 more businesses if it had the same rate of entrepreneurship as the US.

 

The StartUp Loans programme will lend up to £82.5m to young people over the next three years.

Thinking about starting your own business but not sure how to go about it? Foremans offers free initial advice on the business structures available. 

 

Why not call us today and find out more?