Young freelancers, who are looking to start up their own limited companies and businesses, may be interested to hear that a new government scheme is being put into place to help them achieve this goal.
The latest £82million scheme, which has been named Start-up Loans, will help young people aged between 18–24 years old by offering loans reaching up to £2,500 to put toward starting up their own business.
The loan, which lasts up to five years and has an interest rate of RPI plus 3%, will only be available for those within the specified age range and for people who have a realistic business idea, ideally presented in the form of a robust business plan.
The Start-up Loans project will not just offer the freelancers wanting to start their own business the support of money, but can also provide training programmes and mentoring for those who sign up for the additional help.
Start-up Loans said, “Government, the Start-Up Britain campaign and other partners are working together to support new business start-ups and growth.
“Between us, we’ve got all the advice, inspiration and practical help you need to turn a dream into a working, profitable business.”
Lord Young, the enterprise advisor to Prime Minister David Cameron, has voiced his support for the new scheme and has claimed that there would be 900,000 more businesses in the UK if we followed in the footsteps of the US entrepreneurship culture.
He 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.”