Venture capital provider MSIF has secured a contract to deliver small start-up loans through The Start Up Loans Programme, a new means of funding to support young entrepreneurs.
The scheme is aimed at 18 – 30 year olds and will provide loans towards business start up costs as well as a range of free mentoring support and offers from partners such as Regus, Paypal and eBay.
Funding through the programme has been provided through The Start Up Loan Company via a Government grant and is available across England.
MSIF will manage loans for the Liverpool city region including the five Merseyside boroughs as well as Halton, Warrington, Skelmersdale and Ormskirk.
Chief operating officer, Lisa Greenhalgh, said: “It is extremely difficult for people without a track record to get funding to start a business.
“Many young people will not have run businesses previously and are therefore in a catch 22 situation when it comes to trying to raise finance to support a business idea.
“In addition to money, recipients will also receive free mentoring to enhance their chances of success which is in line with what we offer already.
“There is no point in just providing finance, young businesses need access to a whole package of support if they are to go on and be successful.”