Young Australian entrepreneurs will get help to bring their ideas to life, with legislation introduced into Parliament today to create up to 2000 HELP-style loans each year.
The Education Legislation Amendment (Startup Year and other Measures) Bill 2023 will deliver on an election commitment to create a new category of loans for students.
The new startup loans will enable eligible students to participate in a higher education-based accelerator program.
The loans will also give eligible students critical support and access to the mentors and facilities they need to establish new startup businesses in Australia.
The program will allow more students to participate in accelerator programs and build a new cohort of young Australians with the skills to commercialise good ideas and create new jobs.
This includes supporting under-represented groups such as female entrepreneurs, as well as Indigenous Australians, people with disability and community-based startups which are working on regional and rural issues.
Quotes attributable to Minister for Education Jason Clare:
“A lot of universities have start up incubators and accelerators and offer grants to students to help them build businesses from scratch.
“This will add to that, offering HELP loans to bring their business ideas to life.”
Quotes attributable to Minister for Industry and Science Ed Husic:
“We want to build new businesses off the back of the great ideas of young Australians.
“Start Up Year will help young Australians create more sustainable firms, generating great jobs and strengthening our economy.”