The first Start-Up Loans for Northern Ireland are set to be made this summer.
Entrepreneurs aged between 18 and 30 will have access to the £117m Start-Up Loans fund which has so far been piloted in England.
Loans will be made available through delivery partners. The Prince's Trust and the School for Start-Ups have already confirmed and agreements are expected shortly with Enterprise Northern Ireland and the Ulster Community Investment Trust.
Vince Cable, the UK government's business secretary, said: "Northern Ireland has one of the youngest populations in Europe so it’s vital we encourage young people to back themselves to succeed".
"This welcomed extension will encourage even more young people to be entrepreneurial with access to finance, as well as professional mentors who can offer knowledge and expertise about how to run a successful enterprise".