Loans available to young business people

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A FAREHAM firm has been awarded a government contract to give loans to young people looking to start their own business.

WSX Enterprise is part of a pilot scheme to help 18 to 24-year-old entrepreneurs.

Under the scheme, average loans of £2,500 will be given for new business ideas that are submitted for approval between now and the end of March next year.

Interest is fixed at 6 per cent, and the new entrepreneurs will have up to five years to pay back their loan.

Crucially, each applicant will be assigned the support of a business mentor who will work with the young person to develop the business idea and prepare the business for launch.

‘We are very excited to be leading this fantastic new opportunity for young entrepreneurs,’ said Jonathan Morris, managing director of WSX Enterprise.

‘Young people have some of the best ideas and this innovative loan and mentoring project will enable a lot of new entrepreneurs to take their first step into business.’

To find out more about the scheme and to apply, see wsxenterprise.co.uk/start-up-loans