Expert Comment on 'StartUp Loans' From AXA Commercial

LONDON, May 28, 2012 /PRNewswire/ --

Today Lord Young has provided further details of a new Government initiative designed to encourage young people into business ownership.

The new "start-up loans" scheme which starts today (28 May 2012), sees successful applicants, aged between 18 and 25, benefit from not only a loan of up to £2,500 but also training and mentoring from partner organisations. The aim of the scheme is to provide young entrepreneurs with an alternative to university and the related costs.  

Darrell Sansom, Managing Director, Direct & Partnerships, AXA Commercial Insurance commented "With a reported 1 million young people in the UK currently not in work or higher education, there couldn't be a more relevant time to be launching this initiative.

"AXA is in total agreement with the Government that small business start-ups are crucial to the future growth of the UK, especially following the recent news that we are officially back in recession. And young people, with fresh business ideas, are absolutely the right people to be driving the economy forward.

"Our only word of warning to budding young entrepreneurs is to make sure that as part of their business planning they take the time to identify all the risks involved with starting up and running a successful small business."

Unlike with many insurances, age is not a factor when applying for many business insurances; Public Liability, Employers Liability or Professional Indemnity. So young people starting businesses are not hit with high insurance premiums on top of all the other costs involved in starting up their business.  

Notes:

AXA is the business insurance sponsor for StartUp Britain. StartUp Britain is a national campaign by entrepreneurs for entrepreneurs, harnessing the expertise and passion of Britain's leading businesspeople to celebrate, inspire and accelerate enterprise in the UK.

The campaign was founded by eight entrepreneurs and launched on 28th March 2011 by the Prime Minister, with the full support of the Chancellor and HM Government, although it is completely funded by private-sector sponsors.

Small businesses needing handy hints on business insurance can use the AXA Business Insurance Wizard at http://business.axainsurance.com/wizard/

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