Budding Hull entrepreneurs are being urged to make the most of a new fund aimed at helping them set up their own business

The new national StartUp Loans scheme was launched recently and Hull business leaders and members of the Hull Youth Enterprise Partnership are keen to see local young people take full advantage.

The scheme will offer finance and support to entrepreneurs, aged 18-24, in a bid to kick-start more businesses and tackle youth unemployment. Applicants will receive advice and guidance, with the most promising going on to receive formal mentoring and training, including help with developing a business plan. Those with “robust and approved” plans will then be eligible for loans of around £2,500.

In Hull and the East Riding it will complement the work of the city’s Youth Enterprise Bank that gives grants of up to £1,000 to young people aged 21 and under that live in Hull and the East riding.

Claire Young, Patron  of theYouth Enterprise Bank, said:

“The support and advice available through this scheme could help local young entrepreneurs turn an idea and a proposal into a real business. We would urge young people to find out more and look to secure valuable funds working alongside the city’s Youth Enterprise Bank that could help get their business off the ground.”

Councillor Steven Bayes Portfolio Holder, Portfolio Holder, Economic Regeneration and Employment said:

"We would certainly encourage young people from across the Humber looking to set up their own business to explore how this scheme could help them. As with other initiatives such as the John Cracknell Youth Enterprise Bank , which is also available to young people in Hull and the East Riding young , people can pick up support in a variety of ways including help in putting together a business plan right through to receiving a loan to set up the business."

The maximum repayment terms on offer with the loans will be five years, while the interest rate will be set at the Retail Price Index (RPI) plus 3%. All repayments and interest will be channelled back into a central pot to support other young entrepreneurs.


To find out more people should visit www.startupbritain.org/loans and www.youthenterprise.co.uk