20,000 Extra Tenners Up For Grabs To Help More North East Students Make Money To Make A Difference

Posted on the 11 February 2010

20,000 Extra Tenners Up For Grabs To Help More North East Students Make Money To Make A Difference

Enterprise UK’s eagerly anticipated annual ‘Make Your Mark with a Tenner’ competition is doubling in size, offering twice as many North East students the opportunity to make money and make a difference with a £10 loan.

Thanks to a grant of £250,000 from the Big Lottery Fund, which was announced today, there will be more opportunities than ever before for young people in the region to flex their entrepreneurial muscles and make a profit and social impact.

The additional funding that Make Your Mark with a Tenner has received from the Big Lottery Fund will enable 20,000 more students across the country to take part in this years campaign bringing the total number of potential participants to an impressive 40,000.

Tenners are being snapped up quickly and schools and colleges are urged to enrol their students before registration closes on 17 February 2010 by visiting www.enterpriseuk.org.uk/tenner.

Some of the schools in the North East that have already signed up to the Make your Mark with a Tenner challenge include, Longbenton Community College in Newcastle, The Excelsior Academy in Scotswood, Windlestone School in County Durham, Darlington College and Teesdale School in Barnard Castle.

Commenting on the competition, Dena Dalton, business studies teacher at Teesdale School in Barnard Castle said: “Make Your Mark with a Tenner allows our GCSE business studies pupils to see firsthand the benefits of enterprise.

“I think it is a fantastic project that allows them the opportunity to set up their own business in a very creative and innovative way. It really is an inspirational way to learn by enabling them to apply many of the business concepts and issues they have studied whilst also offering them the chance to make a profit.

“There is the additional incentive in encouraging them to think about a social impact. I’m really looking forward to watching their ideas come to life and encouraging possible future entrepreneurs.”

Organisations will receive £10 for each student registered, who will then have the month of March to turn their ideas into reality.

Funding from BIG will be used to extend Make Your Mark with a Tenner into areas of the UK where young people have little opportunity to gain experience in social enterprise.

It will also help evaluate the impact of the ‘Make Your Mark’ experience on the participants and share learning with relevant national and local organisations such as enterprise and young people’s organisations.

Margaret Cooney, Big Lottery Fund’s deputy director policy and partnerships (England), said: “BIG has a proud history of supporting projects for young people, who give them the skills and ambition to make their lives better. This is a unique opportunity to get some real hands on experience of entrepreneurship with real money, and offers a chance for initiative and creativity to shine through.

“We want Make Your Mark with a Tenner to reach even more young people in the future and this investment will help Enterprise UK to build a solid foundation for the initiative to grow.”

The Make Your Mark with a Tenner ‘bank’ now stands at £400,000 thanks to the £200,000 funding that has already been donated by TV Dragon and Enterprise UK Chair Peter Jones and Bebo founders Michael and Xochi Birch.

Commenting on the Big Lottery Fund grant Peter Jones, Chairman of Enterprise UK said: “A bigger Tenner bank is brilliant news as it enables thousands more young people across the UK to make their entrepreneurial ideas happen. We want to empower as many young people as possible to experience entrepreneurial success for themselves. More Tenners mean more young people will get the opportunity to show that age is no barrier to business success, as they use their own ideas to make money and make a difference.”

An incredible 97% of all tenners handed out last year were turned into profit and returned to the tenner ‘bank. Enterprise UK hopes for even greater results this year with twice the number of students participating in the campaign.