The Prince’s Trust, in partnership with NatWest and with the support of long-term partner British Business Bank, has launched a new funding offer that will support young entrepreneurs who are in the early stages of starting their business to overcome the financial barriers they face.
The youth charity’s “Grant Hub” will provide two distinct opportunities for 18- to 30-year-old entrepreneurs to apply for financial help when starting their business – an initial Test My Business Idea grant, as well as start-up funding when they are ready to launch.
The Grant Hub allows The Trust to increase the levels of funding it offers, as well as offering more flexibility in the products available for young people. The Grant Hub platform will make applying for business support clearer, quicker and more accessible for young entrepreneurs in need of support. It forms part of The Trust’s Enterprise programme, which has helped over 90,000 young people start their own business.
The Test My Business Idea grant allows young entrepreneurs to apply for multiple grants up to £500 as they work out how best to deliver their product or service, conduct market research, or purchase key pieces of equipment. This is designed to give young people the opportunity to reflect on what they’ve learned and the direction their business is going before applying for further funding.
The new hub also offers the opportunity for young people to apply for start-up funding of up to £30,000 once they are ready to launch their business. This consists of grants of up to £5,000 and British Business Bank-backed Start Up Loans of between £500 and £25,000. Young people are able to apply for this during the first three years of their business support from The Trust, allowing for flexibility and reactivity when navigating the start-up phase of running their business.
Jonathan Townsend, Chief Executive at The Prince’s Trust, said:
We know that self-employment can enable young people to lean into their passions and take control of their own finances. However, the early days of starting a business can be tough, and we want all young people, regardless of their background, to believe that their ideas can become a reality, without financial barriers or fear of failure standing in their way.
At The Prince’s Trust, we work with young people from disadvantaged communities by supporting them in building the confidence and skills to live, learn and earn.
The Prince’s Trust grant schemes have truly transformed my business in numerous ways. With the Test My Business Idea grant, I was able to invest in a crucial piece of equipment, levelling the playing field with my competitors. This not only boosted my confidence but also enabled me to offer new services, ultimately driving financial growth for my business.
Thanks to the Start-Up Grant, I could upgrade my equipment without having to spend years saving up. This has accelerated my growth and has afforded me more time to reflect on other aspects of my business, leading to even more opportunities for success. The support from The Prince’s Trust has been invaluable, and I am incredibly grateful for the positive impact it has had on my business journey.
As the UK’s biggest bank for business, we know that supporting young people in overcoming the barriers faced when starting a business plays a critical role in the success of that venture, and in turn of the UK’s economy. Through this partnership it’s been a privilege to support the next generation of entrepreneurs with grants and funding, helping transform their business ideas into reality.
We’re delighted to have worked in partnership with The Prince’s Trust for many years to provide finance and support to young entrepreneurs. Our Start Up Loans programme has supported over £100m of loans to the under-25s since 2012. Access to finance, especially for underrepresented groups, is important and we look forward to seeing this new Hub make a difference in helping more young people take the opportunities that owning their own business can provide.
The Prince’s Trust is authorised and regulated by the Financial Conduct Authority (FRN: 718625) and is registered with the Information Commissioner’s Office: Z5724362.
The Prince’s Trust is a credit broker, not a lender. We can introduce you to a limited number of finance providers who may be able to offer you finance facilities. We will only introduce you to these finance providers. We may receive an administration fee from the finance provider if you decide to enter into an agreement with them. The nature of this administration fee is as follows: we receive a fixed fee per finance agreement entered into. You can request for us to disclose the amount of any administration fee received.
