By Claire West

EN Start Up loans has given youth enterprise in London a much needed boost this year by giving young entrepreneurs access to loan capital.

The EN Start Up Loans serve as a life line to the young entrepreneurs who have created their businesses as an alternative to employment.

Young entrepreneurs from Hackney, Barnet, Camden, Islington and many more London boroughs have been able to grow their businesses with the help of The EN Start Up Loan initiative.

Elevation Networks became an official Delivery Partner for the Department for Business, Innovation & Skills' Start-Up Loans initiative in early 2013. Over the coming months Elevation Networks will aim to distribute up to £5 million worth of loans to more than 2000 young people that need capital to start or grow a new business. They will be given access to a mentor, monthly training, and a number of other benefits through the initiatives Global Partners (including Ebay and PayPal). Elevation Networks is particularly keen to encourage start-ups from diverse backgrounds and will be celebrating the successes of the start-ups who take part in the initiative.

When Prime Minister David Cameron announced an extension of the Start-Up Loans initiative - to include applicants up to the age of 30 and an extra £30 million - in Preston on 3 January 2013 500 businesses had been accepted for loans.