Telecoms giant O2 has pledged its support to help graduates in Liverpool set up their own businesses.

The company is backing Liverpool Hope University in offering incentives to three enterprise initiatives being developed by Hope graduates, the Liverpool Echo reports.

Called the O2 Graduate Enterprise Awards, run in partnership with the National Council for Graduate Entrepreneurship (NCGE), the scheme will provide a £10,000 interest-free loan, business-related training, administrative support, and accommodation space to the successful graduates.

Peter Hanna, O2's regional account manager, told the newspaper: "O2 is delighted to take part in this unique venture with Liverpool Hope University."

Chief executive of NCGE Ian Robertson said that economic hardship has increased the need for entrepreneurship

"This scheme demonstrates how the entrepreneurial potential of universities can be harnessed to the benefit of young people and local communities," he said.

Last week saw the government's Young Person's Guarantee scheme begin. The initiative aims to offer graduates who have been out of work for six months a work placement, training or help to start their own business.