Young entrepreneurs being offered business loans

Young entrepreneurs can now leave off with their plans to hit up payday lenders for business loans, as the Forum of Private Business and the government has come together on a new project to make start-up loans for as much as £2,500 to budding businessmen under the age of 25.

The Forum is extending an invitation to anyone between the ages of 18 and 24 to submit a business plan, with successful ones being rewarded with not only the government-subsidised loans but with discounted membership fees and free access to the Forum’s Credit Control Guide online.  Phil McCabe, senior policy adviser for the FCB, called the government’s plans ‘fantastic,’ as it offers opportunities to the next generations of Mark Zuckerbergs and Richard Bransons to give it a go; the FCB stands behind the project 100 per cent, Mr McCabe said, adding that the Forum is offering the extras to any successful applicants.

With so many entrepreneurs finding it incredibly expensive to secure venture capital for their new start-up due to banking institutions being incredibly tight-fisted with their money at the moment, the new project is an excellent way to gain access to credit for viable start-ups, the senior policy adviser commented.  The UK market needs an infusion of young, talented, driven individuals, Mr McCabe said, and any aid that can be furnished to them will pay off in the long run as their businesses form the backbone of the recovering economy for years to come.

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