A bid has been approved for government funding into a scheme to help young entrepreneurs get started in South Yorkshire, UK. The start-ups are to be offered loans from a £50,000 cash pot thanks to the successful request by development agency Creative Sheffield to the Department of Business, Innovation and Skills.

Up to 200 loans will be handed out to business owners aged 18-24, starting in November 2012. The loans will help young people get the supplies and training necessary to kick-start their new ventures and keep them sustainable. While the rise of the internet and social marketing has provided a platform for many companies, this extra funding will help to pay for things such as business cards for networking, a space from which to run the business and supplies required for produce and administration.

The primary reason the start-up loans were designed was to help those who are interested in starting their own business but are lacking the finance or resources to do so. However, Coun Leigh Bramnell, a cabinet member for Sheffield Council, has said that all forms of enterprise will be considered, adding: “Our successful bid demonstrates the council and Creative Sheffield’s commitment to making the city one of the best places in the country to start a business.”