Youth enterprise initiative secures funding boost
A campaign to encourage young people across Telford and Shropshire to ‘make their own jobs’ has secured a much-needed funding boost from a €400 million scheme to stimulate the region’s economy.
The Young Britain public-private venture has been allocated over £200,000 from the European Regional Development Fund (ERDF) in the West Midlands structural funding to help with its aim of promoting self-employment as a viable alternative to the traditional jobs market for 18 to 30-year-olds. The ERDF investment in Young Britain has been matched by a generous donation from Telford-based husband and wife team Graham and Jenny Wynn of The TTC Group, while the non-profit organisation is also being backed by Telford & Wrekin Council.
The cash injection will help Young Britain’s aspiration to create more than 100 new businesses over the next two years, and will be used to fund workspace, training and start-up practicalities, as well as the ongoing advice, guidance, and mentoring support to young entrepreneurs across the county. Young Britain will also stage a series of ‘Start Up Clubs’ and ‘Business Bootcamps’ to help young people develop their start-up ideas. Young Britain is also the regional delivery partner for the government’s £112 million Start Up Loans scheme, which provides unsecured start-up finance ranging from £500 to £10,000 to help turn young entrepreneurs’ ideas into real businesses.
“The generous support from the European Regional Development Fund, backed by similarly fantastic investment from Jenny and Graham at The TTC Group, will have a hugely positive impact on the opportunities for young people across the county,” Fay Easton, Co-Founder of Young Britain and a StartUp Britain Local Champion, commented. “Launched in the ‘Birthplace of Industry’ here in Telford, Young Britain is a perfect example of the public and private sectors joining forces to make a real difference and create jobs for the future - and we are enormously grateful for this funding support.”
Norman Price, Deputy Chair of the West Midlands ERDF Local Management Committee, said: “Hands-on support for businesses at a local level is vital – especially if we want to continue to help increase self-employment, business growth and job opportunities for local people. This project will inspire young people living in Telford and Shropshire to be their own boss. Through a variety of events and forums, to in-depth support and finance, I am delighted that we are providing ERDF support to this important project.”
