THE Derbyshire and Nottinghamshire Chamber of Commerce has welcomed Government plans to bolster the Young Person’s Loan Fund (YPLF) – including an additional £30m cash boost.
Prime Minister David Cameron made the announcement last week, which has been backed by Ian Greenaway, president of the (DNCC).
He 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 scheme is being delivered in the East Midlands by First Enterprise Business Agency, the Derbyshire Enterprise Agency and DNCC.