Young entrepreneurs encouraged to apply for start up funding

Young entrepreneurs are being urged to apply for funding from The Youth Enterprise Bank to help make their business dreams become reality.

The John Cracknell Youth Enterprise Bank offers practical support and grants of up to £1,000 for young people aged 13 to 21 who need finance to help set up or develop their businesses. Since it was established in 2003 it has helped more than 150 young entrepreneurs in a wide range of business sectors. At its April meeting it supported five more young entreprenurs aged 13 to 20 sharing £4,000 between them  in developing their business idea.The bank is funded through a range of donations from young entrepreneurs together with Hull Training and is closely linked to the Hull Youth Enterprise Partnership, which aims to encourage young people to become more enterprising and contribute to Hull’s target of creating 1,200 new businesses.

KC recently boosted the banks funding with a £60,000 donation over three years. The donation follows the recent launch of the KC Invest Fund, an investment fund worth up to £600,000 to the local area, which will support start-ups and expanding businesses in the digital and technology sectors across the region.

Maureen Foers OBE Chair of the John Cracknell Youth Enterprise Bank said: “Hull has a long history of producing some very entrepreneurial young people and we don’t think their ideas or drive has slowed down, we think its lack of awareness that funding is available. Thanks to our supporters and our recent partnership with KC we’re on hand to not only offer financial support, we also offer practical help with developing business ideas.”

Sean Royce, Commercial and Finance Director at KC, said: “The Hull Youth Enterprise Partnership has supported hundreds of young people to start their own businesses, they have a fantastic track record. In tough economic times it’s important that entrepreneurs are supported to help our economy recover, grow and develop.”

To find out more about The Youth Enterprise Bank please contact Charles Cracknell on (01482) 612983 or email charles.cracknell@hullcc.gov.uk and check out http://www.youthenterprise.co.uk/