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How youth charity The Prince’s Trust can support your new business venture

This charity offers help and support to young entrepreneurs

The Prince’s Trust Enterprise Programme provides support to young people aged 18-30, unemployed or working fewer than 16 hours a week who have a business idea they would like to explore.

The programme can help young people to work out whether self-employment is the right option for them. The programme can support young people to plan and test their business ideas and provide, for those young people who prove themselves to be capable and their ideas to be viable support to start their business.

Prince’s Trust can also support young people to achieve other goals in education, training and work. The Enterprise Programme operates across England, Wales and Northern Ireland.

Who is eligible?

Applicants must be within the stated age range, be unemployed or working fewer than 16 hours a week and have a business idea.  The Prince’s Trust aims to help those young people who are often overlooked by established business communities: ethnic minorities, young and ex-offenders, people with a disability and lone parents.

The Prince’s Trust is a lender of last resort and focuses its support on young people who have been unable to access funds and support from elsewhere.  The applicant must have a business idea that they would like help to explore and test in the market.

What does it offer?

Financial help

For those young people who really need it and prove their business idea to be viable, The Prince’s Trust offers start-up loans; up to £4,000 for a sole trader and up to £5,000 for a partnership. They are repayable at 3% per annum. In exceptional circumstances grants  of up to £1,500 can be available (dependant on local funding). Will it Work  grants, of up to £250, are also available to help applicants test whether their ideas will work.

Mentoring

For those young people who start businesses, business mentoring is available for up to 2 years.  For those who decide self-employment is not for them, 6 months progression mentoring is available to support them to move into education, training or work.

The Prince’s Scottish Youth Business Trust

The Prince’s Scottish Youth Business Trust offers similar support to young people aged 18-25 In Scotland.

The Prince’s Scottish Youth Business Trust gives loans of up to £5,000 and grants of up to £1,000. There is no automatic 6 months delay on repaying the loan but a delay can be negotiated. Expansion loans are available as long as the total of both loans does not exceed £5,000.

Both loans are repayable over 4 years maximum, unless under special circumstances, and are repayable at 4% per annum. Between £10,000-£30,000 equity finance is available under the Scottish Equity Finance for You scheme, for businesses that do very well and want to expand further using equity finance.

Both loans are repayable over 4 years maximum, unless under special circumstances, and are repayable at 4% per annum. Between £10,000-£30,000 equity finance is available under the Scottish Equity Finance for You scheme, for businesses that do very well and want to expand further using equity finance.

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