Commenting on the government’s new StartUP Loans scheme for young entrepreneurs, Phil Smith, managing director of Business West, the largest business membership organisation in the South West, said: “Every business has to start from somewhere and it is the smaller, growing companies that will be integral to the future of the UK.
“We hope this scheme will help to inspire a whole new cohort of young people with a passion for business to transform their ideas and vision into reality. This type of initiative can only be good for the economy and for young people and is step in the right direction.
“Of course this is not the only answer. There is still more to do to ensure that we provide the opportunities young people need to start out in the world of work. If we are serious about giving young people a chance, we need a coordinated approach. A combination of teaching the right skills whilst in school, equality of opportunity at further and higher education, providing business mentoring and work experience as well as a full programme of apprenticeships and internships is needed with proper government support and commitment.
“Without this level of commitment over the long term both the economy and young people will suffer.”