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Championing youth entrepreneurship

March 22, 2012 3:39 PM
Originally published by Scottish Liberal Democrats

Mike Crockart's support for Edinburgh's budding young entrepreneurs, has won multi-million pound backing in the 2012 Budget.

Mike Crockart MPMike Crockart MPEarlier this year Sir Richard Branson had personally written to Mr Crockart 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.

Mike Crockart MP pledged his support for the initiative.
In the 2012 Budget yesterday, 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.

Commenting on the announcement Mike Crockart said:

"Today's young entrepreneurs have already shown their ability to create wealth through innovation with companies here in Edinburgh like Superjam and SuperTie. Often the added benefit is that they establish those companies in their local communities, employing local people and generating local economic activity.

"We have long agreed that we should support students to maximise their potential through Higher and Further education and I now welcome this government's commitment to help young people set up and grow their own businesses. I look forward to meeting those outstanding individuals which this proposal will help.

"The Liberal Democrats in Government have already delivered the Youth Contract which will see £1 billion invested in getting young people into work or training. Yesterday's announcement on the scheme for enterprise loans is further evidence of our determination to prevent a lost generation."

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

"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."