Start-Up Loans are Go!
Foundation East named as a delivery partner in eastern England
On May 2012, StartUp Britain worked with the Department of Business, Innovation and Skills to launch StartUp Loans. Since then organisations all over the UK have been carefully selected as the delivery partners for this scheme. In eastern England, Foundation East, the Community Finance Company based in Bury St. Edmunds has been awarded this responsibility.
Foundation East Chief Executive, Katy Ford stated;
‘’We have been providing loans since 2004 to existing and start-up business unable to obtain support from a bank. StartUp Loans fits in perfectly with our current work and we have the infrastructure already in place to deliver and manage this scheme effectively and with enthusiasm. All my team are excited with this new challenge and eager to support young people wanting to start a business’’.
StartUp Loans is for young people aged 18-24 who would like to start their own business. It offers the opportunity to obtain a loan of around £2,500 at an interest rate of 6% for a maximum of 5 years. Equally important and a requirement of the scheme is that each applicant must work with a business mentor who, at no cost, will help them with their business plan, loan application and the development of their business.
Lord Young of Graffham, Originator of StartUp Loans, confirmed:
‘’The StartUp Loan programme is designed to help you create a business plan and then give you a loan to get started. You will get continuing support from your mentor and your future will be in your own hands. The limits of your business will be up to you’’.
Foundation East is looking forward to receiving enquiries from young people in Bedfordshire, Cambridgeshire, Essex, Hertfordshire, Norfolk and Suffolk. A dedicated team has been established and new 18-24 web pages provide information on the scheme, an on-line application process, how to find a mentor and assistance in opening a bank account.
Businessman and television personality James Caan Chairman, StartUp Loans Company, said:
‘’To be an entrepreneur is more than having a job. It gives you the freedom to make your own mark, in the way which you choose and create your own path to success. It can be challenging and exceptionally hard work, but the rewards are immeasurable’’.
Young people in eastern England seeking the challenge of starting their own enterprise can find details on StartUp Loans at:
For more information on Foundation East visit www.foundationeast.org