New start up loans

David Cameron's enterprise adviser Lord Young has officially unveiled a new £82.5m start-up business funding initiative for young people. The scheme will start with a pilot offering £10m worth of loans to 18-24 year olds in England, and if there is enough demand and "capability within the support network" to support them, another £32.5m will be provided in 2013/14 and £40m in 2014/15. Individual funding of up to £2,500 will be available with loans having to be repaid over a maximum of five years. The interest rate on the loans will be RPI (which is currently 3.5%) plus 3%