An £82m loan scheme for young people wanting to create a business is being launched by PM David Cameron. Young people aged between 18 and 24 can apply and the loan average is expected to typically be around £2,500. The loans must be repaid within five years, and interest will be charged at the level of the Retail Prices Index plus 3%.
Mr Cameron said he wanted young people to have the confidence and support to turn “that spark of an idea into the next global brand”, and continued that he hoped the initiative could lead to 30,000 more start-ups and give a boost to economic growth.
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