Got an idea for an innovative new business? The Aus government is set to provide up to 2000 HECS-style loans to young entrepreneurs as early as next year
One of the hardest parts of being an aspiring entrepreneur is securing funding to get your big idea off the ground.
But that just got easier! Yesterday, the Aus government announced it is kicking off a six-week consultation with universities, students and investors to design a new scheme that will deliver ‘HECS/HELP-style’ loans to final-year undergrads, postgrads and recent grads to launch innovative new businesses.
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The program is called ‘Startup Year’ and the plan is to have 2000 loans available every year, kicking off as soon as 2023.
The loans in 2023 will be up to $11,800, and are available for students who meet normal HECS/HELP requirements, including Australian citizenship.
“We want our next generation of businesses to grow from the ideas and energy of young Australians. And we want Startup Year to help make that happen,” said Industry Minister Ed Husic in yesterday’s announcement (watch below).
The program would support the existing startup incubators and accelerators at Australian unis. “We want consultation for Startup Year to learn from the best programs and appropriately expand them to reach new layers of students with great ideas,” said Minister for Education, Jason Clare.
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Areas flagged as a priority for the loan scheme include ‘value-add’ innovations in the resources, agriculture, forestry and fisheries sectors, as well as innovations in transport, medical science, renewables and low-emissions tech and defence capabilities.
Between now and 15 November, the government is inviting students, entrepreneurs, investors, industry and higher-education providers to share their views and ideas about how the program could work. You can check out the consultation papers and make a submission here.
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