£1.65 Million To Develop Young Entrepreneurs

14th April 2013

Scotland's young people can look forward to more support to start their own business thanks to a £1.65 million funding pot.

Finance Secretary John Swinney, revealed the Scottish Government's continued support to The Prince's Trust's Youth Business Scotland programme today at a young people's enterprise event held with 'Power of Youth' and RBS in Edinburgh.

The funding, which will come from Scottish Enterprise's budget over the next three years, will ensure that Youth Business Scotland can continue to assist young people to thrive in business and underlines the Scottish Government's commitment to seeing Scotland become a more entrepreneurial nation.

Earlier this year, we committed £2 million to young Scottish businesses, judged most capable of growth and job creation by the likes of Sir Thomas Hunter and Sir Willie Haughey, through our Scottish EDGE Fund.

Last year we invested a million pounds in The Prince's Trust's Youth Business Scotland Revolving Loan Fund that offers loans up to £5,000 to young people aged between 18 and 30 who wish to set up or grow their business.

Mr Swinney said:"I am delighted to announce that over the next three years Scottish Enterprise will continue to support The Prince's Trust in delivering its Youth Business Scotland programme. We will be committing up to "1.65 million so that Scotland's young people can benefit from this outstanding service.

"Our people are our greatest asset and it is crucial, perhaps more now than ever, that we see their economic potential unleashed.

"The Prince's Trust Youth Business Scotland is a key partner in allowing our young people to see entrepreneurial activity as a viable and valid option.

"Their tremendous good work over the years is strongly appreciated and we all look forward to hearing of continuing success stories."

Sarah Deas, Director of Enterprise Projects at Scottish Enterprise, said:"Our young people are our business leaders of tomorrow, so it's imperative that we support them in their business growth ambitions.

"Youth Business Scotland handles nearly 3,500 business start-up enquiries every year, helping over 2,000 young people to explore their ideas and resulting in some 600 young people starting and growing their own businesses.

"Of these start-up companies, some will go on to become high growth companies which will employ people and create benefit to Scotland's economy. This is why we are committed to supporting young people in this way."

Alan Kennedy, Operations Director for The Prince's Trust said:"This is excellent news for Scotland's young people. This investment lays the foundation for continuing and sustained entrepreneurial growth in Scotland, providing our younger generation with the support and funding they need to turn their business ideas into a viable and thriving future.

2The Prince's Trust Youth Business Scotland has supported over 11,000 business start-ups since its launch, with significant corresponding impact on Scotland's economy both through turnover and job creation. This funding provides considerable opportunity for growth and will undoubtedly pay real dividend for Scotland's economic future."