Duke of York hosts appointment of Student Ambassadors for Start-Up Loans

The Ambassadors will represent Start-Up Loans at their universities, be available to encourage other students considering starting a business and direct young entrepreneurs to apply for Start-Up Loans.

James Caan, noted entrepreneur and Chairman of the Start-up Loans Company, said: "Student entrepreneurship is a vibrant community and through Start-Up Loans, we can help foster the amazing innovation that is evident in Universities across the country. Through the Ambassadors who have all been selected, we will be able to catalyse enterprise amongst students."

The Ambassadors will be heads of student entrepreneurship societies from universities throughout the UK as well as invited students. The number of Ambassadors will depend upon the university's scale and the quality of applicants.

Ambassadors are chosen based upon a one-page marketing plan that describes how Start-Up Loans will be promoted on campus. The selection process is based around access to students considering starting a business, confidence in public speaking, a strong academic record, excellent communication skills and the ability to prioritize their role and studies.

The event will be hosted by His Royal Highness as part of his continued focus on promoting entrepreneurship and supporting initiatives that extend better access to capital to early-stage businesses. Lord Young, an economic adviser to David Cameron and founder of the scheme, is also due to attend.

The StartUp Loans Company seeks to provide affordable loans and business training to young people who are living in England, looking for finance to start a business and who have a viable business plan. Earlier this year, the Prime Minister David Cameron announced an expansion to the Start-Up Loans scheme taking the size of the Government-backed loan fund to £112 million and allowing people up to the age of 30 to apply.

 

Notes

1. For more information, and details on the Start Up Loans Company and how to apply for a loan visit the website www.StartUploans.co.uk

2. Start-Up Loans provide budding entrepreneurs between the ages of 18-30 with a range of support, including access to a business mentor and capital

3. Those who apply will get access to personal support with the most viable progressing on to formal business planning and mentor support. Where the business plan is robust and approved, they will be able to access financial support in the form of a loan. The loan size will typically be dependent on business need and feasibility - and the longest permissible lending period will be 5 years. The interest rate will be at RPI plus 3 per cent. Delivery partners will repay loans and interest back to a central fund, which can then build a revolving lending model. The Start-Up Loans will be available in England only.

4. Start-Up Loans are being supported with £10 million for a pilot scheme this financial year, with a further £42 million in 2013/14 and £60 million in 2014/15 being made available to grow the scheme.

5. To administer the Start-Up loans lending pot, the Government created a new body to provide guidance and direction; the Start-Up Loans Company, chaired by James Caan, bring real expertise to the delivery of the scheme.

6. Start-up loans are delivered by a host of service providers that will work alongside Start-Up Loans Company. A list can be found here http://www.startuploans.co.uk/where-can-you-get-a-loan/

7. The launch of Start-Up Loans form an integral part of the Business in You campaign which encourages the start up and growth of new businesses.http://businessinyou.bis.gov.uk/

 
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For more information please contact Tarryn Rothstein, Hillgrove PR. Tel. 020 7025 8001. Email. tarryn.rothstein@hillgrovepr.com