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Financing for young entrepreneurs

More and more young people are going into business for themselves for different reasons, including the strains of high unemployment worldwide. As is often the case when starting out a new business venture, finding financial assistance is an important part of making the entrepreneurial dream come true. There are institutions in the UK that provide both advice and financing for young entrepreneurs to establish thriving businesses.

Shell Live Wire

Shell Live Wire was established in 1982 and has encouraged enterprise among young people between ages 16 and 30 ever since. The organisation provides year round advice and help to budding entrepreneurs through its business training programs and wide range of business publications. Every month the organisation runs a no-strings-attached financial award boost of £1,000 to five young entrepreneurs with winning business ideas. The organisation also runs an annual event where entrepreneurs compete for the title of Young Business Person of the Year, which has a cash price of £10,000. Visit Shell Live Wire website at Shell-livewire.org.

The Prince's Trust

The Prince’s Trust provides business support and financial assistant to young people throughout the UK, focusing more on youngsters who have struggled at school, been in care, been in trouble with the law or are in long-term unemployment. The organisation provides financial and educational assistance by issuing start-up loans of up to £5,000 and providing business mentorship. Entrepreneurs are encouraged to prepare a winning business plan in order to pitch for the start-up business loan. Visit Prince’s Trust website at Princes-trust.org.uk for more information.

Young Enterprise UK

Young Enterprise was founded in 1963 and runs a wide range of business training programs that cater for over 150,000 young people every year. Participants acquire hands-on skills running companies through the enterprise’s special partnership with more than 2,000 businesses across UK. Young Enterprise’s schemes are mostly run in schools, but graduate programs and programs for youngsters in custodial institutions are also available. Entrepreneurs can get valuable advice and financing information from the organisation. Visit Young Enterprise website at Young-enterprise.org.uk.

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