Young entrepreneurs in Liverpool are being helped to turn their business ideas into reality.
They will be able to get loans and other support in a scheme to encourage new businesses.
Start Up Loans is a Government scheme which operates through delivery partners throughout the country and Liverpool-based Riverside Credit Union has been appointed as one of its partners.
They will be offering loans to young entrepreneurs after securing £5m in funding from the Start-Up Loans Company. They have joined up with Lodge Lane and Norris Green Credit Unions to deliver the initiative.
Mike Knight, Riverside Credit Union chief executive, said: “Riverside, Lodge Lane and Norris Green Credit Unions are pleased to announce a new partnership to deliver thousands of new business start-up opportunities to the city’s 18 – 30 year old. We are really excited to bring this brilliant initiative to the young people of Liverpool
“We are delighted that Mayor Anderson and Liverpool City Council will be working alongside us to ensure Liverpool is the entrepreneurial capital for new businesses. As Mayor Anderson has said in the past, we can now attest “Liverpool is open for business”
There will be a launch of their scheme on Wednesday 20 February at the Joseph Lappin Centre in Old Swan attended by the Mayor of Liverpool, Joe Anderson.
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.
“Credit Unions are playing an increasingly important role in life of the city. As a council we have recognised their importance by providing £1m for them this year to help existing small businesses and families and now they are playing a key role in helping to start new business.”
Start-up Loans is a £112m programme is available to anyone between the age of 18 and 30 whose business is in England. It provides low cost loans and free mentoring. Since in started in August last year it has supported 1000 young entrepreneurs set up in businesses including fashion e-commerce digital, music and fitness.
Start-Up Loans is chaired by Dragons’ Den entrepreneur James Caan. He 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.”