Lord Young confirms 'student loan'-style grants for young entrepreneurs

The self-titled 'Godfather of Start-up Loans' has taken to Twitter to talk about Startup Britain's new initiative for budding young entrepreneurs.

by Rebecca Burn-Callander
Last Updated: 19 Aug 2013

David Cameron's advisor on enterprise, Lord Young, has taken to Twitter to throw a little light on 'Startup Loans'. Business and enterprise minister Mark Prisk announced the pilot last month, saying only that private sector partners had been sourced and that the funds would be accompanied with mentoring and training for successful applicants. Further details on the initiative have been rarer than hen's teeth so far, but Lord Young has now revealed that the project will kick off on May 28, with £10m worth of loans of up to £2,500 each up for grabs.

These loans, championed by the likes of Richard Branson, have been pitched as an alternative to university for bright young things. The message is clear: if you have a good business idea, don't spend £9,000 a year on further education, get a wedge of cash to launch your venture instead.

Applicants must be between the ages of 18 and 25 to be eligible for a loan, and must present their ideas to a panel in order to qualify for the money. No one from Start-up Britain was available to confirm whether these loans would be interest-free at the time of writing, however.

Lord Young, serial entrepreneur and serial politician, has confirmed that he is staking his own cash in the project, but technology-forward entrepreneurs best take heed: he's not the savviest chap when it comes to digital. On his Twitter stream advising people to visit the Startup Britian website, he has posted an email address instead...

Find this article useful?

Get more great articles like this in your inbox every lunchtime

I ran Iceland's central bank in 2009. Here's what I learned about crisis ...

And you thought your turnaround was tricky.

"It's easy to write a cheque you don't have to cash for 30 ...

But BP's new CEO has staked his legacy on going green.

AI opens up an ethical minefield for businesses

There will inevitably be unintended consequences from blindly adopting new technology.

The strange curse of No 11 Downing Street

As Sajid Javid has just discovered, “chancellors come and go… the Treasury endures forever”.

Men are better at self-promotion than women

Research shows women under-rate their performance even when they have an objective measure of how...

When doing the right thing gets you in trouble

Concern with appearances can distort behaviour, as this research shows.