Young people in the UK who would like to create or boost their businesses can now get support from Elevation Networks (EN) Start-Up Loans.
The new initiative supports young entrepreneurs who have created their businesses as an alternative to employment.
The EN Start-Up Loans has already helped young entrepreneurs from Hackney, Barnet, Camden, Islington and many other London boroughs to expand their businesses.
The EN became an official Delivery Partner for the Department for Business, Innovation & Skills’ Start-Up Loans initiative in early 2013.
The Elevation Networks aims to distribute up to £5 million worth of loans to more than 2000 young people who need capital to start or grow a new business. The young entrepreneurs will be given access to a mentor, monthly training, and a number of other benefits through the EN’s Global Partners including Ebay and PayPal.
The EN is particularly keen to encourage start-ups from diverse backgrounds.
While the average loan amount is £2,500, there is no definite limit and the final amount will be determined by the applicant’s business plan.
There is an option of a one year holiday period before beginning repayment.
Since the Start-Up loan is a personal loan, if four or five people from the same company apply for a loan, all are eligible for an individual loan to invest in their businesses.