The Prince’s Trust and NatWest have today announced the launch of 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.
Alison Rose, CEO, NatWest Group said:
Jonathan Townsend, Interim UK Chief Executive of 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. 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 NatWest 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.
As part of its wider response to coronavirus, The Prince’s Trust has launched its Youth Action Plan to show how it will support young people who are out of school, unemployed, self-employed or generally needing a confidence boost over the coming weeks and months. If you would like to find out more, or to help The Trust in its mission to be there for the nation’s young people, search ‘Prince’s Trust’ online.
NatWest has put in place a broad package of financial support with solutions for business customers, large and small, during the crisis:
- Capital repayment holidays to help customers reduce the impact on their working capital from repaying existing loan facilities.
- NatWest has opened up the Government’s Coronavirus Business Interruption Loan Scheme (CBILS) to more customers, that are eligible under the scheme rules, than any other Bank. The minimum loan size that we offer under the CBILS scheme is £5,000 and available to sole traders & partnerships as well as limited companies.
- NatWest will not take a new or increased personal guarantee from any customer that obtains funding through the CBILS scheme.
- Fee free overdraft facilities up to £5,000.