A fund that nurtures the next generation of entrepreneurial talent in Scotland is to receive a cash injection of £1 million to help more young people get businesses off the ground, First Minister Alex Salmond announced today.
The Prince’s Trust Youth Business Scotland (PTYBS) will receive the money to enhance its Revolving Loan Fund that offers grants of up to £5,000 to young people aged between 18 and 25 who wish to set up or grow their business.
Speaking at the Business in the Parliament conference at Holyrood, the First Minister announced that Scottish Enterprise, through the Scottish Investment Bank, would invest in the Revolving Loan Fund to increase the number of young people receiving help and stimulate yet further youth entrepreneurship in Scotland.
The new funding will allow The Prince’s Trust to expand its role in the Scottish microfinance market by helping it attract further investment and assisting the fund’s long term sustainability.