Young entrepreneurs to receive help from £500k loan scheme

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YOUNG entrepreneurs around South Yorkshire are to be offered loans from a £500,000 cash pot - after a bid for Government funding was approved.

The funds have been secured following a successful bid by development agency Creative Sheffield to the Department for Business.

Up to 200 loans will be handed out to people aged 18 to 24 who are starting up or in the early stages of a new business.

The scheme will be launched formally next month and it will be available until March.

Coun Leigh Bramall, Sheffield Council’s cabinet member for business, said: “I am delighted that we have secured this vital funding.

“Our successful bid demonstrates the council and Creative Sheffield’s commitment to making the city one of the best places in the country to start a business.

“These loans will provide much needed investment for the young people of Sheffield who are starting businesses. All types of enterprises will be considered and I would urge anyone aged 18 to 24 with a strong business plan to apply for a start-up loan.”

For further information contact Sheffield Enterprise Gateway on 0800 043 5522.

Start-up loans have been designed to help people aged 18 to 24 who are interested in starting a business of their own, but are lacking access to the necessary finance or support to realise their ambitions.