Focus on
START-UP LOANS:
money
the inside story Over 1000 businesses have been given the head start they need with the Government’s Start-Up Loans initiative. Will you be joining them?
“There’s clearly an entrepreneurial spirit that is spreading”
If you’re aged 18-30 and you have an idea for a business, you should be seriously considering the Start-Up Loans scheme: access to a £2500 cash injection, as well as mentoring and all kinds of added extras means it’s the perfect way to get your business up and running. Over the next four pages, we take an in-depth look at the scheme; for starters, cast an eye over our exclusive chat with Start-Up head honcho, James Caan… HOW DID YOU GET INVOLVED WITH THE SCHEME? Lord Young called and invited me to Chair the initiative. I sit
on Vince Cable’s Entrepreneur’s Forum, and feel passionately about encouraging young people into business, so I was honoured to have been asked.
committed, and confident in your business plan. StartUp Loans can help ensure your plan is robust and your confidence warranted.
WHAT MADE YOU WANT TO BE THE FACE OF THE STARTUP LOANS? It was a no-brainer for me – backing 25,000 young people to start their own business through a programme that provides not just money but mentoring – who wouldn’t want to be involved with something like this?
WHAT’S THE NUMBER ONE ATTRIBUTE YOU LOOK FOR IN A START-UP LOANS CANDIDATE? Passion for their bright idea and willingness to learn.
DO YOU THINK WE’RE BECOMING A MORE ENTREPRENEURIAL NATION? Definitely. In the past two years we have started more companies than ever before. Entrepreneurship is much more appealing and recognised now because of shows like The Apprentice and Dragons’ Den. People are far more aware of what it is to start a business. I meet so many people now who want to pitch me their idea and there’s clearly an entrepreneurial spirit that is spreading. We have only just started; this is barely the tip of the iceberg. UNIVERSITY OR START-UP LOAN – HOW CAN YOUNG PEOPLE DECIDE? It’s not necessarily one or the other – you can do both. It’s up to each entrepreneur what works for them. What I would say to a young person is if you have an idea, make sure you’re ready,
WOULD YOU HAVE APPLIED FOR THE LOAN IF IT HAD BEEN AROUND WHEN YOU WERE A YOUNG ADULT? Oh yes. I wish there had been initiatives like Start-Up Loans when I was starting out. It reduces the impact of the three most common barriers to business success: money, knowledge, and access to good resources. WHAT WOULD YOU SAY TO CRITICS OF THE SCHEME? The three principal concerns raised to date are: slow uptake, lack of awareness of the programme, and that £2,500 is not enough to start a business on. We have invested the time to ensure we can meet the needs of young people, giving every business the best possible chance of success. We have established a network of delivery partners to ensure the programme is delivered consistently across England. Everything is now in place and our new focus is raising the profile of Start-Up Loans, so that everyone with the passion to work for themselves can find the programme.
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