smallbusiness.co.uk: Helping your business think big

More than 300 young people will be able to start their own companies after over £500,000 in funding was secured by Prince's Trust North East.

The charity was awarded £383,000 from the European Regional Development Fund and £200,000 by regional development agency One North East to continue its Enterprising Young People initiative.

Under the scheme, young entrepreneurs - especially those from disadvantaged areas - are encouraged to create their own start-ups in the region.

David Beavis, north-east regional director of Prince's Trust, says: 'Our main objective is to help young people develop an entrepreneurial culture and raise aspirations for self employment.'

He adds that without the scheme many young entrepreneurs could find their lack of confidence and experience limits their access to finance and explained that participants will receive an individual mentor to aid their company's development.

Lesley Calder, head of European and skills strategy at One North East, reveals that the charity has helped more than 5,000 young people into business since it started operating in the region in the 80s.

The regional development agency recently revealed £1.5 million of funding will be used to encourage more than 1,500 people in disadvantaged areas of Tyneside to establish businesses over the next three years.

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