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 Prince’s Trust’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.