26 March 2012
Government announces support for young entrepreneurs
Following months of hard work and campaigning by Virgin Media Pioneers, the Government has announced the introduction of the Youth Enterprise Loan (YEL).
The National Youth Enterprise Working Group has welcomed the creation of the £10 million nationwide pilot programme, which provides greater financial support for the start-up businesses of young entrepreneurs.
“This has the potential to transform the prospects of thousands of young people,” says Richard Branson. “The entrepreneurs of today will be the job creators of tomorrow so I’m delighted that the Government has listened to those at the very start of their careers. The country is full of gifted and enterprising people so this pilot, which crucially has business mentoring and support at its heart, will help prevent a lost generation of talent.”
Young entrepreneurs – represented by organisations in the National Youth Enterprise Working Group – have been making a series of recommendations to the Government on how to help the UK economy recover and prosper through encouraging enterprise. One idea was the Youth Investment Fund, which was put forward by Virgin Media Pioneers in November 2011. Since then, Virgin Media has worked closely with Government to develop the proposal alongside our partners on the National Youth Enterprise Working Group.
To find out more, read more on our Virgin Media Pioneers website.