£2500 Business Loans for local young people

The Coalition Government is expanding its start-up loans scheme, which offers young entrepreneurs loans of around £2,500 to help them start businesses. This is to help younger people who are finding it difficult to get loans from banks.

The scheme had originally been aimed at 18-to-24-year-olds, but is now being expanded to those aged up to 30. Loans are at a rate of 6% at the moment and over 200 businesses have already been helped. The scheme also includes a mentoring service. Repayments in the first year are very low and loans can be taken over 5 years. The average loan amount is £2500 but there is no definite limit on how much you can apply for.

If you are thinking of setting up your own business and are aged 18-30 or know someone in our area who may benefit, visit www.startuploans.co.uk

Existing businesses can also benefit from assistance in employing 18-24 year olds by visiting www.apprenticeships.org.uk or calling 08000 150 600. Coalition government grants of £1500 are available.

In addition anyone setting up a new business can also benefit from a National Insurance holiday of upto £5000 for the first 12 months of your business running. More information can be found at www.hmrc.gov.uk by searching for “national insurance holiday”.

Your local Lib Dem councillors are pushing the County Council to promote these government schemes.