Budget backs youth entrepreneurship

Emma McClarkin MEP’s support for the East Midland’s budding young entrepreneurs has won multi-million pound backing in the 2012 Budget.

Earlier this year Sir Richard Branson had personally written to Miss McClarkin on behalf of Virgin Media Pioneers – an online community of thousands of young entrepreneurs founded by Virgin Media – recommending the introduction of loans for start-up businesses on similar terms to student financing.

The Virgin Media Pioneers community wanted to challenge the convention that a young person could easily get a loan to study business, but not on equal terms to start one.

Emma McClarkin MEP pledged her support for the initiative.

In the 2012 Budget earlier this month, Chancellor George Osborne announced the creation of a £10 million nationwide Youth Enterprise Loan Scheme pilot which will support entrepreneurship amongst young people through small, low interest, loans.

Miss McClarkin said:

“This pilot is the result of young entrepreneurs themselves asking for help, and not to be forgotten. Micro-businesses in the East Midlands can be the engine for economic growth and, as they develop, could create further employment opportunities.

“This is great news for all those budding entrepreneurs in the East Midlands, and I am absolutely delighted to support Virgin Media Pioneers and their efforts which I’m sure will make this pilot a success.”

Sir Richard Branson, founder of the Virgin Group, said:

“This has the potential to transform the prospects of thousands of young people. 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.”