City Hall small business funding should have specific allocation for young entrepreneurs

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GLA Conservatives Assembly Member Steve O’Connell will urge the Mayor to make a specific allocation for young entrepreneurs from the London Enterprise Panel’s recently announced £25 million scheme to raise loan finance for small businesses. Recent data has found that 3 in 10 young people hope to work for themselves while only 5.3% actually are self-employed.*

Steve O’Connell said: “With nearly one in four young Londoners unemployed giving young entrepreneurs the support to be self-employed should be a high priority. The Mayor’s apprenticeship program has helped thousands of young Londoners get a valuable first step on the employment ladder and it would be great to see the Mayor put the same focus on self-employment. The Mayors first step should be making sure any future small business funding coming from City Hall has a specific allocation for young entrepreneurs. ”