Loans to be made available for young enterpreneurs Young people aged between 18 and 24 with a "viable" business idea will be able to apply for "affordable" loans of around £2,500 to help them get a company off the ground as an alternative to higher education. The one-year pilot is expected to involve an initial £10m of Government money to be managed by private sector and charitable "distribution partners." It is thought that successful applicants will also be given access to a personal mentor who will help them increase their business. If the scheme, provisionally called StartUp Loans, is successful, it is expected that a further £75m of public money will be made available over the next three years, while organisers may also seek matched funding from private sector partners. The Sunday Telegraph understands that Virgin Money, which expanded last year with the acquisition of part of Northern Rock, will apply to distribute and manage some of the loans. Virgin also plans to provide fledgling entrepreneurs on the scheme with training and support through Virgin Media Pioneers, its existing support and awards scheme for young business people. The plan, originally mooted by Virgin founder, Richard Branson, was announced in this year's Budget.