PM launches £82m start-up scheme for young entrepreneurs

Covered mag, presented by Gocompare.com
  • | by Kristian Dando

Young? Out of work? Dreading going through another round of soul-crushing job applications and subsequent rejections? Positively brimming with untapped entrepreneurial ideas? Then you might just well be in luck.

The government is launching an £82m loan scheme for young people aged between 18 and 24 who want to launch their own business. Prime minister David Cameron hopes that the initiative could lead to 30,000 new start-up businesses, with the average successful applicant in line to expect around £2,500.

The banks - still risk-averse after all that nasty business of the banking collapse of 2008 - aren’t exactly falling over themselves to lend to start-ups, let alone ones helmed by young people. So this injection of cash might just help the ailing economy a shot in the arm, if only a minor one.

The PM said: "I want this to be the year where people can think: yes, I can do it; that we can get as many viable businesses as possible off the ground, that people can have a go and that we see a whole new wave of entrepreneurs who start small but think big."

Anyway, step this way to find out more. And if you’re interested in setting up your own business, be sure to run your eye over the various business-related comparisons we do at Gocompare.com – from business insurance and van insurance through to business gas and electricity to business broadband,  we’ve got it covered.