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East Midlands Chamber News

DNCC Welcomes Start-Up Loan Boost

DNCC President Ian GreenawayCommenting on measures to bolster the Young Persons' Loan Fund (YPLF) – including an additional £30m cash boost – announced by Prime Minister David Cameron today, Ian Greenaway, President of the Derbyshire and Nottinghamshire Chamber of Commerce (DNCC), said: “Accessing finance can be a major stumbling block for many people wanting to start their own business, so the fact that more funding will now be available is welcome news.

"The eligibility criteria for applying has also been widened (from 18-24 to 18-30 years old), meaning that funding is available to even more people with the ideas, skills and ability to create and grow their own businesses.

“Self-employment and starting up in business can offer a real alternative to young people – especially at a time of high youth unemployment – and there is a clear need to support and encourage more young people to help them transform their business ideas into reality.”

  • The Young Persons' Loan Fund scheme is being delivered exclusively in the East Midlands by First Enterprise Business Agency, in partnership the Derbyshire Enterprise Agency and DNCC.
  • The national cashpot is worth £110m over three years and aims to provide 18-30 year olds with access to business start-up funding and expert, personal support from business mentors to help develop business plans and access training.
  • Once a viable business plan is approved, they will be able to access financial support in the form of a loan of up to £5,000 with a repayment period of up to five years.

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