Samuel Kasumu and Prime Minister David Cameron. Photo courtesy samuelkasumu.co.uk
Entrepreneurship– New Fund to invest £1 million In Young People from Black Community.
Social Entrepreneur, Samuel Kasumu, is today announcing the launch of a new fund that will be providing Start-Up Loans to budding entrepreneurs between the ages of 18-30.
The new initiative is part of the Department for Business’ new scheme to help inspire the next generation of entrepreneurs.
Young people with business ideas will be given a range of support, including access to a business mentor and capital, initially in the region of £2,500, to help get their business idea moving. 350 loans will be delivered in the initial pilot, with the view to scaling up to 1000 loans for ethnic minority young people in 2013/ 2014.
Last week, the Chancellor George Osborne announced that a further £70 million will be invested in helping the next generation of entrepreneurs through the Department for Business after the initial £10 million pilot has ended.
Kasumu has agreed to oversee some of the delivery that will be specifically targeted at ethnic mimority young people. The Social Enterprise that he founded, Elevation Networks, will be delivering the programme as a partner through the Start-Up Loans Company, whilst Samuel will oversee the delivery as a business advisor.
Kasumu said “It is clear that many times when the government and other institutions deliver programmes, people from BME backgrounds tend to not be engaged for various reasons. With us setting up a bespoke campaign in the coming weeks, we are confident that with the StartUp Loans initiative, there will be a legacy of inclusion that yields great results”
Samuel Kasumu. Photo courtesy keepthefaith.co.uk
Anyone with a business idea betweeen the ages of 18 and 30 are being asked to get in touch by emailing: [email protected]. Kasumu will also be embarking on a national tour of faith and community groups in the new year to promote the initiative.
The chairman of StartUp Loans is James Caan who said:
“Start-Up Loans are exactly what young people need to get them on their way to launching their own businesses.
Through the Start-Up Loans Company, we are encouraging young people to be more entrepreneurial by taking their future into their own hands and creating their own opportunities.”
Notes to editors:
Samuel Kasumu is a social entrepreneur and political commentator. He is currently on the management board of the Tory Reform Group, and the co-chairman of the Spirit of London Awards (SOLA). Samuel is also chairman of the Great Debate Tour (GDT) which is the largest university debate tour in the UK, covering England, Scotland, and Wales.
He is the founder of Elevation Networks (EN), an award winning social enterprise set up to tackle employment challenges within Higher Education. In April 2012, Samuel launched a major report with the Bow Group highlighting the underrepresentation of black graduates within politics and other major industries. This year Samuel published his first book ‘Winning the Race’ and has recently agreed to oversee a new £1 million contract to invest in young startup businesses.
The Start-Up Loans initiative was created by Lord Young of Graffham, the Enterprise Advisor to David Cameron. With over a million young people unemployed and difficult opportunities facing them as they look to their future, rarely do they consider enterprise as a viable career option.
Calling upon the expertise of serial entrepreneur James Caan to chair the Start-Up Loans Company, the initiative has all the support and expertise it needs to help boost enterprise amongst 18-24 year olds across the country.
Elevation Networks is a social enterprise with over eight thousand members across the UK. The organisation has societies on university campuses and works with corporate organisations to tackle issues of under representation of women and ethnic minorities within industries.
For more information, see www.elevationnetworks.org. YBS is a social enterprise run by young people with the purpose of empowering African and Caribbean youth, and making a positive impact on the African and Caribbean community at large.
The organisation is media focussed and creates a high quality range of media, events and programming that seeks to challenge the representation of African and Caribbean people in the media whilst also creating programs that have a positive effect on the community as a whole.
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