StartUp loans will be administered by a range of organisations that have experience in working with young people, including the Prince’s Trust and Manchester-based Economic Solutions Group. These delivery partners will be responsible for providing start-up support, for assessing the business plan, for making the loan and for managing repayment.
James Caan, one of the UK’s best known entrepreneurs, has agreed to chair a new body to oversee the allocation of funds and to work with delivery partners to ensure the young people gain the maximum benefit from the support and finance on offer.
James Caan, Entrepreneur and Chairman for a new body responsible for StartUp Loans, said:
“The StartUp Loans initiative provides guidance, access to expertise, and finance. These are the three vital ingredients for starting your own business. Armed with all of these, young people are already on the way to shaping their own future.”
From today young people looking for support and finance through the StartUp loans can register at www.startuploans.co.uk or http://businessinyou.bis.gov.uk/ where they will receive regular updates and information, including on new delivery partners.
StartUp Britain will be working with a range of partners throughout the summer to raise awareness of this support, including a UK bus tour with business mentors on board, and events in towns and cities around the country.
Lord Young’s report
Lord Young’s report on enterprise sets out the enterprise landscape, and the considerable changes in the structure of business there has been over the last few decades. With the trend starting in the eighties with the break up of large firms and the growth of small firms, it has now been transformed by the internet. That this shift in the dynamic of how business is conducted is still evolving and that the influence of social media will become even more important in the world of business.
The report sets out why it is a great time to start a business, with a wide variety of support, advice and encouragement available from the public and private sectors. It includes a Guide aimed at people of all ages and background to offer them confidence and encouragement, including guidance on where to go to get help to make a sound business idea happen. This includes:
- A new Home Business Guide which provides clear guidance on setting up a business from home and tackling the myths on what rules are needed to be met. In 2010, almost 6 in 10 self employed people, approximately 2.3 million, said they were based at home. And 55 per cent of the newly self-employed said they worked from home;
- A guide on the variety of ways to access finance including microfinance, StartUp Loans, crowdfunding and business angels including through, Finance Finder and a Finance Explained tool tounderstand and locate funding options by region, sector or purpose;
- Details on the public sector contracts that are available to SMEs through opportunities at www.contractsfinder.businesslink.gov.uk
- A new online search tool to locate incubation space and facilities at www.startupbritain.org/spaces and,
- A single source of guidance for firms looking to recruit staff www.businesslink.gov.uk/employ
For some practical help and coaching ,and signposting to free funding contact Karen Perkins at www.karenperkinslifecoach.co.uk
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