It is hoped a £2m, three-year partnership between the Prince of Wales' charity Prime and the Bank of America Charitable Foundation will help the older unemployed get back into business.
Start-ups will be offered encouragement, mentoring and investment under the scheme, which is supported by the government. Business Secretary Peter Mandelson said: "There is no age limit on entrepreneurial spirit. During the current economic climate it is even more vital that older people have the confidence to make their business ideas a reality."
Research carried out by the bank for Prime found 16 per cent of those aged 55 to 64 have considered, but not realised, their ambition of establishing their own business.
Some 53 per cent of over-50s feel they are at a disadvantage to younger people in the job market. And 81 per cent say it is the attitude of employers to age that puts them at this disadvantage
The survey of 1,000 adults also found 54 per cent of older people looking for work think the credit crunch will dent their employment prospects.
The charity said there are 3.6 million unemployed UK people aged 50-65, with the over 50s suffering the highest long-term unemployment rate.
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