Hull City Council has committed a further investment of £20,000 to support young entrepreneurs in the city.
The grant follows £20,000 issued by the local authority from May to August last year, which was critical to drawing in further private sector funding to support young entrepreneurs.
The funding for young entrepreneurs will be managed by the John Cracknell Youth Enterprise Bank in order to match the £20,000 they have already ringfenced for young entrepreneurs excluded from Covid-19 financial support.
Councillor Daren Hale, deputy leader of Hull City Council, said: “The council has distributed a significant number of grants and relief to businesses across the city, but inevitably the range of grants and loan options do not cover all businesses experiencing difficulties. In November, I was interviewed by MC4C TV about support for #ExcludedUK in general and young entrepreneurs in particular.
“As a result, the council recognises the importance of supporting young entrepreneurs, in particular, those who have just formed their own businesses in what is a vital sector for future economic success in the city.
“As a council, we are well aware of the need to support the best we can our young entrepreneurs, hence we are giving this second investment of £20,000 to the John Cracknell Youth Enterprise Bank.”
Tony Robinson OBE, Patron of John Cracknell Youth Enterprise Bank, said: “We are absolutely delighted that yet again Hull City Council is investing in young entrepreneurs in Hull by this grant to the John Cracknell Youth Enterprise Bank.
“Last year, the council gave us £20,000. On the back of that investment, we secured another £70,000 to match it and we have managed to issue 94 grants to enterprising young people, which has enabled a significant number of those excluded from Government schemes to be supported thanks to Hull City Council.
“I am delighted that Hull City Council has provided £20,000 to our Emergency Grant Scheme Fund to support enterprising young people who have received support from the council’s youth enterprise programme Making Changes for Careers and the Youth Enterprise Bank to help them to develop their business in these difficult times.
“The city and the council continues to show its commitment in supporting its enterprising young people. It is essential that micro businesses are supported in whatever way it can.
“The council’s continued support for the Youth Enterprise Bank will go a long way in ensuring that many more businesses will remain in readiness to help drive forward the local economy.”