Whether you've just finished an apprenticeship and like the idea of going it alone, or you're just about to leave school and think that this is the perfect time to be self-employed then we've got five must-see resources for you.
The Prince's Trust supports people aged between 18 and 30 who are unemployed or working fewer than 16 hours a week. That support comes in the form of mentoring to create a business plan from your idea, a low-interest start-up loan of up to £4,000 for a sole trader, or £5,000 for a partnership.
2) The New Enterprise Allowances (NEA)
The New Enterprise Allowance (NEA) provides a business mentor to help you develop your business plan, followed by 26 weeks when you receive £65/week for the first 13 weeks, and £33/week for the rest of the period. It also offers a loan of up to £1,000. The NEA also offers workshops on business topics like marketing and bookkeeping. To find out more, visit your local Jobcentre Plus.
Start Up Loans offers ongoing mentoring and a twelve-month capital repayment holiday on any loan you take out. That means you're just paying back the interest (around 6%) for the first year. Their average loan size is £5,400, and they're expecting it back within five years. Perks include a free business address, administration support, and discounts on online trading charges. There is a catch, though - it's only available to people who live in England and Northern Ireland. On the plus side, even if you've been running your business for up to twelve months, you can still apply for a loan.
Rockstar Youth is another organisation that looks like it's offering a great deal to existing start-up businesses, as long as they've been trading for less than 18 months. If you live in England and you’re aged between 18 and 30 you can apply for a startup loan of between £2,500 and £10,000, together with ongoing mentoring.
If you live in England, the GLE Group offers help to prepare your business plan, guidance on starting a business, advice on how to impress the funding panel and mentoring for your first six months of trading. Their loans go from a minimum of £500 up to £25,000, with a capital repayment holiday for the first twelve months and a 6% interest rate. If you're looking for a loan under £2,500, they'll fast track your application.
