Hull City Council has committed £20,000 to support the next generation of business people in the city.
The funding for young entrepreneurs will be managed by the Hull and East Riding Youth Enterprise Partnership through the John Cracknell Youth Enterprise Bank.
It follows the local authority distributing a significant amount of grant support to thousands of businesses across the city since the start of the coronavirus outbreak.
Hull City Council has supported the work of the Youth Enterprise Bank since it was established, the bank has also received investment from KCOM.
In response to the current crisis, the Youth Enterprise Bank has established an Emergency Grant Scheme to support enterprising young people, giving some financial stability – the council’s £20,000 will add to the offer.
Additionally, 81 business mentors have now volunteered their time and skills to support enterprising young people in the city.
Councillor Daren Hale, deputy leader of Hull City Council, said: “The council has already 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.
“As a result, the council recognises the importance of supporting young people and, in particular, those who have formed their own businesses in what is a vital sector for future economic success in the city.”
Tony Robinson OBE, Micro Biz Champion and Patron of the John Cracknell Youth Enterprise Bank, said: “I am delighted that Hull City Council have given our Emergency Grant Fund £20,000 to support our work with enterprising young people. Making Changes for Careers and the Youth Enterprise Bank continue to help them during the current crisis, helping to develop their businesses in these difficult times.
“The Council’s continued support for the Youth Enterprise Bank and the establishment of their mentoring scheme for young entrepreneurs will go a long way in ensuring that many more businesses will remain in readiness to help drive forward the local economy.
“If only the Government would show the same commitment to our future wealth creators, innovators and community regenerators that do not meet the current schemes.”
[Charles Cracknell – Youth Enterprise Manager – Hull City Council]