We are delighted to announce that an application developed by Rinova, in partnership with a new consortium led by North London Community Finance, has been appointed to run the pan-London Business Start-up Loans programme for young people.

Originally launched in the 2012 Budget statement, young people aged 18-24 can now get access to up to £2,500 to start up a new business.

Peter Lovell, Chief Executive of North London Community Finance (NLCF), said “We have been providing fair loans, ethical savings and debt advice to local people in London since 1994, and we were keen to apply to run the programme as we want to give young people the best possible chance to start and grow their own enterprise. We were very impressed with Rinova’s approach, and delighted in the way they worked with us to develop a winning application for a pan-London programme. With their help we are brining together a unique delivery network that can reach out to young people and offer a high-quality package of support and mentoring.”Together with NLCF and Rinova, the London Partnership consists of Enterprise Enfield, London Youth Support Trust,  CENTA,  Harrow in Business,  Merton Chamber of Commerce and Capital Enterprise.

If you are aged 18-24, or if you work with young people in that age range who may be interested – contact us here .

The scheme is being led nationally by the newly formed Start-Up Loans Company, led by entrepreneur James Caan (of former Dragons’ Den fame). The national list of service providers that will work alongside Start-Up Loans Company was announced in September  and includes North London Community Finance, The Prince’s Trust, Business Finance Solutions Manchester, South West Investment Group (SWIG), Young Britain, Let’s Do Business and PNE/Virgin.

Business Secretary Vince Cable said “With more young people than ever before looking to start their own business, Start-Up loans will provide the support they need to help get their business ideas off the ground. The scheme is not just about money. They will also get access to professional mentors who will pass on their knowledge and expertise about running successful enterprises. Money is going out of the door now, so those who want to take advantage should apply today.”