Wed, 30 May 2012

Recruitment entrepreneur James Caan is to chair a new board on behalf of the government charged with distributing £82.5m in start-up funding to young people.

The government’s StartUp Loans initiative is managed by the Department for Business, Innovation and Skills (BIS), and will offer 18-24-year-olds access to an average of £2.5k to start their own business, to be repaid over five years. They will also be given mentoring and networking opportunities.

Former cabinet minister Lord Young, who approached Caan to chair the board, says that the chair “understands enterprise in this country and is passionate about helping young people to have the tools they need to start their own business”.

The other eight board members are drawn from across a range of UK industries.