Young entrepreneurs in the county now have the opportunity to secure the funds needed to star their own business.
Start Up Loans, part of the British Business Bank, aims to unlock the talent of thousands of people across the UK - many of whom have used lockdown and furlough to reconsider their future career ambitions.
Since 2012, Start Up Loans has delivered over 2,250 loans to unemployed people in the South East, worth over £10.6million. Since 2012, 29% of people to have received government-backed funding in the region were unemployed.
The scheme has also seen double the number of 18-24-year-olds using the scheme as a route out of unemployment in 2020 compared to 2019.
It was originally set up to help the UK economy recover from the 2008 credit crisis.
Richard Bearman, managing director, Start Up Loans said: “These loans are uniquely positioned to drive the nation’s investment in creative, entrepreneurial talent of any age, thanks to our extensive network of delivery partners and support services. As well as a loan, we support individuals with the practical steps they need to take to begin their own enterprise from writing business plans, accounting and marketing, as well as access to learning with partners such as The Open University.
“It is paramount that we do everything to empower the next generation of young working talent, who have an important part to play in unlocking the UK’s economic recovery, by giving them every chance to succeed, whatever their circumstances. Unemployment can have a catastrophic impact on an individual’s financial security, self-confidence and ability to apply for finance from lenders, and the support provided by Start Up Loans can be of particular use to younger, less experienced business owners.”
Small Business Minister Paul Scully added: “This programme has a phenomenal track record of backing budding entrepreneurs, having helped more than 7,830 in the South East to get off the ground.
“I would encourage aspiring entrepreneurs in the South East, whether they’re young people just getting started, or experienced pros looking for a fresh start, to explore the fantastic support available from the British Business Bank.”