Young people becoming their own boss through government backed Start Up Loan

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The young people receiving their A-Level results today will “become tomorrow’s business leaders”, Business and Energy Minister Nick Hurd has said whilst showing support for a government led loan scheme which is giving entrepreneurs under 25 access to funding.

Hundreds of thousands of teenagers in England, Wales and Northern Ireland are receiving their exam results today in A-Level and AS, with students in Scotland already having received theirs. 79.7% of girls achieved grades A* to C at A-Level compared with 75% for boys, but the gap between top performing girls and boys narrowed for the first time in five years.

Since its launch in 2012 the government backed Start Up Loans has allocated more than £40 million to help more than 7,500 under 25 year olds start their own business.

Hurd said: “Today is an exciting and nerve-racking day for many young people who will go on to become tomorrow’s business leaders. We want to build an economy that works for all and Start Up Loans can help those with great ideas from any walk of life – young or old – become their own boss.”

“The Start Up Loans Company not only offers fixed rates loans of up to £25,000 but also provides access to free business support, which is especially useful for young people starting out for the first time in business.”

One young person to take up the loan was 19 year old Sonya Kumar, from London, who used the funding to set up Indian restaurant and catering compan Svadish Catering.

After her A-levels, Sonya enrolled at the Peter Jones Business Academy, before going on to take funding from the Start Up Loans Company. Today, as well as running a successful restaurant near Heathrow airport, Svadish Catering offers corporate and private function catering of freshly prepared Indian cuisine.

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