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Kasumu to head £1m business fund

NEW FUND: Samuel Kasumu

SOCIAL entrepreneur Samuel Kasumu will be part of the team that will deliver a new £1m fund that will provide start-up loans to budding young entrepreneurs aged between 18-30. Kamusu’s focus will be on delivering loans to BME youth.

This new initiative is part of the Department for Business’ new scheme to help inspire the next generation of entrepreneurs.

Young people with business ideas will get support, including access to a business mentor and a start-up of loan of £2,500, to help get their business idea moving. The aim is for the pilot scheme to deliver 350 loans with provision of scaling up to 1,000 loans for ethnic minority young people in 2013/ 2014.

Kasumu has agreed to oversee some of the delivery of the funds that will be specifically aimed at ethnic minority young people via Elevation Networks, the social enterprise he founded, alongside the Start-Up Loans Company, which is chaired by Dragon’s Den businessman James Caan.

Reasons

Kasumu said: “It is clear that many times when the government and other institutions deliver programmes, people from BME backgrounds tend to not be engaged for various reasons. With us setting up a bespoke campaign in the coming weeks, we are confident that with the StartUp Loans initiative, there will be a legacy of inclusion that yields great results.”

He also plans to embark on a national tour of faith and community groups during 2013 to promote the initiative.

If you are aged between 18-30, have a business idea and want to apply for a loam email: StartUp@elevationnetworks.org.

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