Young traders double their money with Elephant & Castle tote bags

The 7 to 13-year-olds from Camberwell-baserd Southside Young Leaders Academy were given micro-loans of £58 and just four days to bring their money making ideas to market.

On Saturday they brought their products – a range of tote bags decorated with local images – to Elephant & Castle Market and raked in a profit of £120.

Education charity MyBnk trained them in everything from product development and writing a business plan to customer service.

"I learnt how to make money with a small budget, target my audience, cost it out and work as a team," said 12-year-old Manutor. "I didn't know I could do that."

MyBnk offers free money and enterprise workshops to secondary schools and youth groups and is part of the new £1 million Big Lottery Fund-suppoered Lambeth FACE (Financial Advice and Confidence Education) project.

Simeon, aged 10, said: "It was great, I want to do it again, have more variety of goods, price it high, no discounts!"

MyBnk CEO Lily Lapenna said: "If ever young people needed an entrepreneurial attitude to life it is now. We have 9-year-olds writing business plans and teenagers budgeting!

"With us, young people learn key life skills by doing it for real."