PRIME

For many people, searching for employment at an older age can prove very difficult, since employers tend to favour graduates and younger people due to their fresh ideas and long-term employee potential. This can mean that the valuable skills and life experience of older workers are neglected, leaving older people feeling disadvantaged. On the other hand, some people may reach retirement and feel that they have not yet achieved their business ambitions, and want to start a new business project.

There is of course no age limit for entrepreneurs, and one of the Prince of Wales' charitable organisations recognises this. 'PRIME' is an acronym for the Prince's Initiative for Mature Enterprise, which provides advisory support for people aged fifty or over who require financing or assistance for a new business.

Specialist business loans are available from PRIME's regional business partners, known as Community Development Finance Institutions (CDFI). CDFI are relatively new regional not-for-profit organisations in the UK, which are regulated by the national body Community Development Finance Association (CDFA). Further information and contact details for the CDFI relevant to your business loan are available via the CDFA website, whilst some CDFI allow you to download application forms directly from their sites. For more details see cdfa.org.uk . Loans given by these organisations primarily target those whose loan applications have been turned down by traditional lenders, such as banks, and especially target those people aged fifty and above.

It is important to note that a successful application is not guaranteed merely by meeting the age criteria: a good business plan will still need to be developed and assessed. Loan amounts also vary, and interest rates can be competitive, or much higher than regular loans.