Merseyside Special Investment Fund (MSIF) has been awarded a contract to deliver small start up loans through The Start Up Loans Programme, a new means of funding to support young entrepreneurs.
MSIF will manage loans for the West Lancashire area including Ormskirk and Skelmersdale as well as Southport and the wider Liverpool City Region Knowsley, Warrington and Halton.
The scheme is aimed at 18 – 24 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 COO 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.
“We are very pleased to have been chosen as partners in the Start Up Loans Programme. The finance available through the scheme is complementary to what we already offer and means we can now provide much smaller loans across a wider geographical area.”
For further information about The Start Up Loans Programme visit www.startuploans.co.uk
MSIF involvement in the project is being supported by BIS, The Start Up Loans Company and the CDFA.