I was really heartened to read about the Startup Loan Scheme announced today by Lord Young. This will provide loans of c£82m to young people (16-24 years of age) to setup their own businesses. Loans of c£2.5K each could be provided. But the main benefit is the provision of a business mentor for each successful applicant.
Sounds familiar? Of course it is as it is based on the highly successful Prince’s Trust Enterprise Scheme which was established in 1983. Indeed Lord Young had been intricately involved in that scheme too. Nowadays, the Prince’s Trust concentrates on helping the most disadvantaged young people – whereas the new Government scheme is open to all. That said, we were really delighted today to learn that the Prince’s Trust had secured a contract to run that part of the Government Scheme. Indeed David Cameron visited Prince’s Trust HQ today to launch the scheme. He met young people that the Trust had helped to establish their own businesses. One of them was Lenique Louis (shown in the photo) who I met a few months back when she addressed one of the Leadership Groups for which I have responsibility. Unemployed for 3 years, the Trust helped her set up her own jewellery business. Her creations are incredibly beautiful. She has and will continue to ‘go far’.
Just think what could happened if the little acorns being sown by this scheme could grow? The effect on the economy, employment and the sheer quality of life for so many could be greatly enhanced. It seems such a small amount of investment for such a huge potential return. I wish it ‘all the best’.