Business plans submitted by 18-24 year olds will be considered, with the Forum offering successful applicants free access to its online Credit Control Guide and discounted membership as part of the project.

FPB senior policy adviser, Phil McCabe says, ‘We think this new government initiative is a fantastic opportunity to get the young Richard Bransons and Mark Zuckerbergs of the UK to have a go. This is why we are absolutely behind this project and are adding weight to it.’

McCabe adds that with bank lending still scarce, the initiative is a viable alternative for entrepreneurs who might be having problems accessing finance from a high street lender, or unaffordable.

‘We need to see more young go-getters here in Britain bringing their ideas to market. You only have to look to the US to see this happens much more frequently and there are some amazing success stories over there.’

Prime Minister David Cameron adds, ‘I want this to be the year where people can think yes, I can do it, that we can get as many viable businesses as possible off the ground, that people can have a go, and that we see a whole new wave of entrepreneurs who start small but think big.

‘Start-up loans are a fantastic opportunity for young people, not only to get the financial support they need, but also to give them the confidence to believe they can do it, that they can turn that spark of an idea into the next global brand.’

For more information about the scheme visit the Business in You website.