The first wave of cash from the £82.5 million Start-Up Loans scheme is now being distributed, aimed at helping to inspire the next generation of entrepreneurs.
Start-Up Loans will provide would-be business owners between the ages of 18-24 with a range of support, including access to a business mentor and capital, in the region of £2,500, to help get their business idea moving.
Business Secretary Vince Cable said: "With more young people than ever before looking to start their own business, Start-Up loans will provide the support they need to help get their business ideas off the ground. The scheme is not just about money. They will also get access to professional mentors who will pass on their knowledge and expertise about running successful enterprises. Money is going out of the door now, so those who want to take advantage should apply today."
So far 1,200 people have registered an interest in applying for a loan.
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Susie Hughes © Shout99 2012