Youth business plans may challenge student loans

Fri, 10 Feb 2012

By Karen Eliot

Youth business plans may soon challenge student loans with regard to becoming the finance of choice for young entrepreneurs .

Stourbridge MP Margot James has lent her backing to the plan - proposed by Virgin founder Sir Richard Branson - which aims to give business managers a boost as they look to get their career off the ground, Stourbridge News reports.

As part of the campaign, calls are being made for the current student loan system to be switched to the Youth Investment Fund that proposes to give youngsters more favourable interest rates while also offering the same conditions as more traditional lending options.

Ms James - who has been the vice chairman of the Conservative party since 2005 - said it is important to look at every option to help alleviate unemployment among the young, especially at a time when those fresh out of education are finding it difficult to find a job.

She explained there are many creative young people with plenty of ideas, adding: "It is vital that we encourage those looking to start their own businesses, as well as those embarking on other career paths."
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