Page 5: Support for business start-up
Many businesses and new ideas do not get past the drawing board. This may be because the potential entrepreneur is risk averse. Another reason is that the entrepreneur does not know who to turn to for advice and support.
Peter Cruddas believes in supporting those seeking to set up a new and exciting enterprise of their own. He is a great supporter of the work of organisations like the Prince's Trust and the Duke of Edinburgh Award schemes. The Duke of Edinburgh scheme provides bronze, silver, and gold challenges for young people. To win the awards, they carry out activities which take them out of their 'comfort zone'. These include, for example, outward bound activities, like abseiling or canoeing, or voluntary work in the community.
The Prince's Trust was set up by Prince Charles and provides advice, support and also financial help to young people wanting to set up businesses of their own. It particularly helps young people in communities where there is deprivation and hardship. In addition, it provides mentoring and advice through people like Peter. Peter Cruddas is the biggest single personal donor to the Prince's Trust. He finds giving back to the type of community from which he came very rewarding. Recently, at an award ceremony he met a girl who had set up a flower business with help from the Prince's Trust. She hugged Peter, which gave him a real sense of pride and achievement.
The government also provides a range of grants and subsidiesfor new business start-ups. These include direct, non-repayable cash grants for activities such as training or export development. Subsidies take the form of the government paying part of the cost of a particular activity that a business carries out. Other money can be borrowed in the form of 'soft' loans. These are repayable at a low rate ofinterest, with repayments spread out over time.
Young people setting up in business therefore do not have to feel that they are on their own. Many new businesses are benefiting from entrepreneurs like Peter to ease the way for the next generation of enterpreneurs.