Primary school children will have the chance to start their own business with a £5 loan from Virgin Money. The national ‘Make £5 Grow Scheme’ aims to encourage an entrepreneurial Britain by giving 9-11 year-olds a real-life experience of setting up a mini business, with any profits going towards the school.
The interest-free loan is available to 50 pupils, for a maximum of £250 per school. With the support of a Virgin Money Ambassador, the children form small teams and pool this money to create their small business. The scheme gives the young participants the chance to develop key skills such as creativity, leadership, problem solving and teamwork.
The initiative aims to boost both enterprise and financial education, equipping the children with valuable skills and knowledge that will help them to succeed in their future careers.
As a reward for the pupils’ hard work, any profit made after the original loan has been repaid is kept and reinvested in the school.
Across the nation
Already a success in the North East and North West regions, the programme has expanded across the country through Virgin Money’s network of 75 stores. Almost 3,000 children have been involved in the scheme so far, and participating schools have made a combined £10,000 in profit since its launch in January 2014.
Year 5 pupils at Sacred Heart RC Primary School in Bolton made a profit of £273.91. The pupils were divided into ten teams and were given 12 weeks to come up with an idea for a business.
They decided to sell a selection of hand-made personalised products at Bolton market, with items ranging from cupcakes to calendars and painted canvases.