Student loan-style funding for young entrepreneurs pilot to start in May

Business and enterprise minister Mark Prisk confirmed the date during a debate in Parliament on Wednesday.

Announced in the Budget and campaigned for by entrepreneurs including Sir Richard Branson, young people who don’t want to go to university will be given access to low interest loans for starting up a business.

The pilot programme will be worth £10m. contacted the Department for Business, Innovation and Skills but a spokesperson could not reveal more details about the pilot.

“As announced in the Budget, the government will introduce a programme of enterprise loans for young people between the ages of 18 and 24,” he said.

“£10 million has been made available for the initial pilot and future funding will be announced following the evaluation of the results.

“Enterprise loans will aim to provide young people who want to start a business with a small amount of capital to do so as well as support through training and mentoring.

“We are currently in discussion with providers about the scheme and expect to be able to launch soon.”