Hull City Council is investing £20,000 to support the next generation of business leaders in the city.
The funding for young enterprise 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.
The next stage of support will help the city’s future business people.
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, the John Cracknell Youth Enterprise Bank’s micro biz champion, said: “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 their 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 have shown great 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 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.”