§ Mr. SayeedTo ask the Secretary of State for Education and Employment what initiatives are in place to teach socially excluded and disadvantaged young people how to operate their own businesses. [136539]
§ Ms JowellThe Department for Education and Employment currently funds two major initiatives that support socially excluded and disadvantaged young people to set up their own business: the self employment route of the New Deal for Young People and the Youth Enterprise Initiative.
197WThe self-employment route of New Deal for Young People is delivered in three stages—a one day awareness raising session; a four day course and/or counselling leading to the production of a business plan; and a 26 week period of test trading, where a participant runs their own business while receiving a training allowance.
The Youth Enterprise Initiative operates in England and is managed by The Prince's Trust, supported by DfEE and private donations. It offers loans and grants to disadvantaged young people between the ages of 18–30 wanting to set up their own businesses—but who are unable to access start-up capital from commercial sources. Assistance is given in putting together a business plan and the help of a business mentor is provided for up to three years.