Up to £10 million made available at low interest rates to encourage small business growth
Young entrepreneurs aged between 18 and 24 in the UK will be offered the chance to receive small tax-payer funded loans to start their own businesses, it was announced yesterday.
Up to £10 million has been made available by the department for business, innovation and skills to provide small and cheap loans for a trial of the scheme, referred to as the Youth Enterprise Loan Scheme.
It is thought 3,000 to 5,000 start-ups could receive the funds with low interest rates, and could be relevant to small developers looking to fund new games.
“Young people get a loan to go to university or college,” said George Osborne during yesterday’s Budget announcement.
“We now want to help them get a loan to start their own business.”