Waltham Forest high streets could benefit from a renewed ‘hunger’ in young people to open up their own business in the borough, it is claimed.

In the last 12 months business associations and charities are reporting a rise in the number of young people looking to branch out on their own in what is one of London's smallest economies.

Despite national worries about the future of high streets, chairman of the Waltham Forest Business Board, Michael Polledri, believes there is no shortage of local talent hoping to make it in the business.

He said: “There is a healthy and strong demand for start ups in Waltham Forest – although there is a lack of space.

“The hardest thing is getting a business plan that makes sense and a loan from the bank. There is no shortage of ideas. With a lot of large organisations closing down this is an opportunity for young people.

“We have been doing a lot with Leyton Orient and Inspiring Women.”

In the last two years, the Prince’s Trust has helped 300 people in the borough to find work, training and employment.

It has also given business training to 95 people whose aim is to start up on their own, although there are no figures available pre-2012.

David Tish owns DT Cycles in Templeton Avenue, Chingford.

He said he had always wanted to open a business, but was put off by the paperwork and confusing accounts.

Mr Tish added: “I originally applied to the Prince’s Trust for a business loan.

"It was quite hard at first because there’s a lot involved in it from finances to advertising but they helped me tremendously.

“It’s just really taken off, each year I am getting busier. I would recommend it to anyone.”

Seyi Newell, 25, from Chingford, also received help from the organisation.

Today, she is the founder and managing director of Pages, an online book retailer supporting independent publishers.

“When Pages went live it felt like a new beginning," Ms Newell said. 

"I was really proud of myself because there was a lot of hard work involved, but it was 100% worth it.

"It’s made me feel really content about who I am and my ideas.”

Miss Newell, who is now an ambassador for the charity, urged others in the borough to do the same if they are thinking of branching out online, or bringing something new to the high street.

Waltham Forest College recently opened the Business LaunchPad with the council to meet the demand of young people needing office space at an affordable rent.