Access to finance

The government-backed StartUp Loans project started in May 2012 and allows young people aged between 18 – 24 to borrow up to £2,500 for their business start-up costs. In addition to funding, successful applicants also get paired up with a mentor who has experience of the industry the applicant is looking to enter. Better still, Brighton graphic design graduate Maria Allen was one of the 12 young people appointed to be national Ambassadors for the scheme.

Although enrolled on a graphic design course, Maria also had an interest and skill in designing and making jewellery and in 2008 she started Maria Allen Jewellery following an overwhelmingly positive response from friends regarding the pieces she had made for herself.

Maria has drawn inspiration from people she met through the beepurple programme who taught her skills needed to help her business flourish. She said: “I first saw the purple-themed stall at the Freshers’ Fair and have attended almost every workshop on offer since then. I met many interesting people, each with their own ideas. And meeting graduates at beepurple events showed me how much can be achieved. Network members have always been helpful, I once had a trademarking issue and I discovered one member was a lawyer who gave me useful advice. Another had years of experience in jewellery design and that too was useful. All in all, Beepurple has been worth every single penny of my tuition fees”. Maria’s motivation, passion and successes were recognised in 2009 as she picked up third place in the student/graduate entrepreneurs’ category in the university’s annual ideas competition winning £1000 to help boost her business.

Since then, Maria has finished her studies, paid her entire course fees by the profits made from her business, taken on her first employee, and has moved into her own studio.  She now sells to 40 boutiques worldwide and to individuals directly through www.mariaallenboutique.com.

All information on StartUp Loans, how to apply, the StartUp Loans ambassadors and global partners can be found at www.startuploans.co.uk or on the StartUp Loans Facebook page. Further support and advice for making the most of your loan can be downloaded from the official StartUp Loans Kit.

Other useful organisations offering finance include:

Let’s Do Business Group
This organisation offers access to the Governments Enterprise Finance Guarantee (loans of £10,000 - £30,000) and smaller loans for businesses who have been declined by other mainstream lenders, such as banks. The Let's Do Business Group are also the South East local delivery partner for the StartUp Loans company.

Shell-LiveWIRE
This site runs an awards scheme for new business ideas and presents four winners with prizes of £1000 on a monthly basis.

The Prince's Trust
The Prince's Trust Business Programme provides money and support to help people (aged 18-30) to start up in business.

UnLtd
UnLtd is a charity that supports social entrepreneurs with two levels of grants (for individuals or groups of individuals) who want to run a project that will benefit a local community somehow.

Alternatively, crowdsourcing sites like www.sponsume.com, offer platforms for new projects to gather support and raise funds in order to make them a reality.