By Natasha Roberts
Date: Monday 28 May 2012
A start-up loan scheme for young people looking to start up their own business has been launched by the Prime Minister.
David Cameron said he believes that by giving young people both the confidence and the means, they can transform a "spark of an idea into the next global brand". It is hoped that the scheme will create as many as 30,000 more start-ups as well as providing a boost to the economy.
Those aged between 18 and 24 will be eligable to apply for a cut of the £82m fund, expected to be around £2,500 for each successful candidate.
The initiative follows a review by Lord Young of Graffham, a former Conservative minister, which revealed that if the UK had the same rate of entrepreneurship as the US, it would have 900,000 more businesses.
Speaking to the BBC, Graffham said many people are unaware of the opportunities that enterprise offers.
He continued: "A bank would not give it to a young person without any track record. It's more than money, what they're getting are mentors - it's advice that really counts."
The scheme's organisers are working alongside The Prince's Trust, which also offers similar grants.
The Trust's Director of Operations Alan Kennedy said: "We know from our experience at The Prince's Trust that supporting young people into self-employment can help turn their lives around ... this will enable us to help even more disadvantaged young people through our popular Enterprise Programme."
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