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JobZoo have devised some advice and tips for those who are seeking loans to start up their own business.
In May 2012, the UK Government launched its fledgling StartUp Loans scheme, the primary objectives of which are to:
The initial idea came from Virgin entrepreneur, Sir Richard Branson, who has been campaigning to encourage the government to financially support young start-ups, as he says that “small- and medium-sized businesses […] are the engines of any healthy economy”. The scheme is worth £82.5m, although a preliminary £10m has been put forward for the pilot, to test the water, so to speak.
Loans averaging £2,500 will be made available to 18-24 year olds in England. Applicants can be employed, self-employed, unemployed or in education and the scheme will work similarly to the student loans system; those who receive funding will be expected to pay it back after they start earning a certain amount, or over a finite period of time, likely around five years.
Alongside financial support, entrepreneurs on the scheme will have access to mentoring and advice on important areas, such as putting together viable business and marketing plans.
For more information on StartUp Loans and a video explaining how they work, please visit: StartUp Britain