Prince’s Trust and NatWest offer £5m to young tycoons
Alison Rose: ‘doing everything we can’ (pic: Terry Murden)
The Prince’s Trust and NatWest have launched a £5million fund to help young entrepreneurs across the UK to keep their businesses afloat during the coronavirus crisis.
The Prince’s Trust and NatWest 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 NatWest Enterprise Relief Fund visit https://www.princes-trust.org.uk/about-the-trust/coronavirus-response/enterprise-relief-fund.
The bank has chosen not to promote the initiative under the Royal Bank of Scotland brand in Scotland despite the low profile of NatWest north of the border.
It is imperative that the next generation of entrepreneurs also get the support that they need– Alison Rose, NatWest Group
Alison Rose, CEO of what is now NatWest Group, 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.”
Kate Still, director for Scotland, The Prince’s Trust said: “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.”