Start-Up loans from Elevation Networks has given youth enterprise in London a much-needed boost this year by giving young entrepreneurs access to loan capital. The EN Start Up Loans serve as a lifeline to the young entrepreneurs who have created their businesses as an alternative to employment. Young entrepreneurs from Hackney, Barnet, Camden, Islington and much more London boroughs have been able to grow their businesses with the help of The EN Start Up Loan initiative.
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Elevation Networks became an official Delivery Partner for the Department for Business, Innovation & Skills’ Start-Up Loans initiative in early 2013. Over the coming months, Elevation Networks aim to distribute up to £5 million worth of loans to more than 2000 young people that need capital to start or grow a new business. They will be given access to a mentor, monthly training, and a number of other benefits through the initiatives Global Partners (including Ebay and PayPal). Elevation Networks is particularly keen to encourage start-ups from diverse backgrounds and will be celebrating the successes of the start-ups who take part in the initiative.
When Prime Minister David Cameron announced an extension of the Start-Up Loans initiative – to include applicants up to the age of 30 and an extra £30 million – in Preston on 3 January 2013, it made it possible for more people to benefit from the scheme. So far, about 500 businesses had been accepted for loans.
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Elevation Network was one of the companies that collaborated with Africa Fashion Week London this year. They organised an EN Campaign competition that made it possible for a number of emerging designers to grab a free place to showcase their designs at this year’s Africa fashion Week London.
Speaking about the collaboration with Elevation Network, Ronke Ademiluyi, the CEO and founder of Africa fashion Week London said, “We are delighted to have EN Campaigns on board to help us with our goal to support emerging designers who need funds to take their business to the next level.”
The average loan given out to young entrepreneurs is about £2,500. There is no definite limit to the amount one can lend, this determined by the applicant’s business plan. If you take the loan, you can choose to make your repayment begin one year after t was given. This will provide you with some space to grow your business and reinvest your profits.
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The Start-Up loan is a personal loan, this means if 4 or 5 people from the same company apply for a loan, all of them will be eligible for an individual loan up to invest in their business. And you have between 1 to 5 years time to repay the money you were given. The total interest for the loan is 3%.
