RBS and Prince’s Trust launch £5m coronavirus fund for young entrepreneurs

RBS and Prince's Trust launch £5m coronavirus fund for young entrepreneurs

Alison Rose, RBS CEO

The Prince’s Trust and RBS owner NatWest have announced the launch of a £5 million fund to help young entrepreneurs across the UK to keep their businesses afloat during the coronavirus crisis.

The Prince’s Trust and Royal Bank of Scotland Enterprise Relief Fund is available to entrepreneurs aged 18-30, who can apply for grants and tailored support from today.

Grants can be used to maintain core business operations during the crisis, as well as meet any existing financial commitments, such as paying for essential equipment or settling invoices from suppliers.

In conjunction with these grants, the initiative will also offer one-to-one support and guidance to applicants who need it. 

To be eligible, businesses must have started up in the last four years and be run by someone aged 18 to 30. Young people who are in the process of starting a business and don’t have any other source of income during the crisis are also eligible to apply for a grant. 

To apply for funding and support from The Prince’s Trust and Royal Bank of Scotland Enterprise Relief Fund visit the website.

Alison Rose, CEO, Royal Bank of Scotland, said: “We know that the impacts of the coronavirus are being felt by the UK’s businesses and we are doing everything we can to support our customers through these unprecedented times. It is imperative that the next generation of entrepreneurs also get the support that they need to ensure they get through this period, and I am pleased to be partnering with The Prince’s Trust to offer these grants to the UK’s young and up and coming businesses.”

Jonathan Townsend, interim UK chief executive of The Prince’s Trust, added: “It is more important than ever to encourage and protect the entrepreneurial spirit of young people in the UK. Small and medium sized businesses make up most of this country’s economy and we need the next generation of entrepreneurs to come out fighting on the other side of this crisis.

“The challenge, in the short term, is that many young entrepreneurs whose business models are ordinarily completely viable are now suffering a considerable loss of income during this unprecedented economic time.

“That’s why this new fund is so crucial; it’s a lifeline that will help these businesses make it through the challenging time ahead. It complements support from the government and allows us to provide grants to those who need it most.”

The Fund builds on the existing partnership between The Prince’s Trust and Royal Bank of Scotland which supports young entrepreneurs in the UK.

Since 1983, The Prince’s Trust has supported over 88,000 young people to start their own business through its Enterprise Programme. NatWest Group is the largest and longest supporter of this programme.

Entrepreneurs aged 18-30 who are not eligible for the fund but find their businesses to be affected by coronavirus can contact The Prince‘s Trust for support. Every young person who gets in touch will be offered personalised one to one support to connect with mentors or build their skills. 

Read all of our articles relating to COVID-19 here.

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