Funding for young entrepreneurs

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Chairman of the scheme entrepreneur James Caan ©

Chairman of the scheme entrepreneur James Caan ©

Budding entrepreneurs in Liverpool are being helped to start up their own business through a government scheme chaired by former Dragon’s Den star James Caan.

The £112 million Start-Up Loans scheme, which began last August, has helped 1,000 young people across the country by providing them with low cost loans and mentoring on how to start their business.

The initiative has been used to break into industries such as fashion, music, fitness and food. Entrepreneurs who take up the scheme get help planning and putting together their pitch, start-up funding and then continue to get mentoring as they launch their business.

In Liverpool, the Riverside Credit Union is delivering the scheme in partnership with Lodge Lane and Norris Green credit unions with £5 million available for entrepreneurs aged between 18-30 across the city.

An official launch will take place on Wednesday at the Joseph Lappin Centre in Old Swan with Mayor Joe Anderson attending.

He said: “We have a lot of young people with imagination, ideas and drive. They just need the funding and guidance to get them started in setting up in business.

“I am sure that we will have a lot of successful entrepreneurs as a result of this initiative and I am delighted that Riverside Credit Union has been chosen as a partner.”

James Caan said: “In the beginning, we started 500 businesses in five months. We have now achieved 500 businesses in five weeks. This goes to show that people across the country have the passion to be entrepreneurs but just need a helping hand and that’s what Start-Up Loans is all about.”

To apply for a start-up loan in Liverpool click here.

About Rachael Bentham, JMU Journalism