The Prince’s Trust And Natwest Launch £5million Grant Fund For Young Entrepreneurs Affected By Coronavirus

The Prince’s Trust and NatWest have announced the launch of a £5million fund to help young entrepreneurs across Yorkshire and the Humber, and 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. 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.

After discovering a passion for art, Milly Rose from Hull launched an entertainment-based creative business called Fantastic Faces. She now creates canvases and socially engaged arts projects across the UK, alongside providing face painting for parties, events and festivals.

“Understandably, as we are all in lockdown, lots of things have been cancelled. I was fully booked right through to December, but I’ve had to temporarily stop trading. It’s a bit of a blow, but it’s important for everyone to keep safe.

“On the positive side, I’ve been able to concentrate on my digital marketing by creating videos for my business’ YouTube channel. I’m also trying to keep customer retention and improve wellbeing by sending birthday cards to children who have had their parties cancelled.

“Although it’s tough for everyone right now I do feel positive and even have plans to potentially explore my own online face painting tutorial course. I’m sure the new Prince’s Trust and NatWest Enterprise Relief Fund will help many businesses like mine to adapt or keep going during this difficult time, which is greatly welcomed.”

To get to this point, Milly benefitted from two sources of support from The Prince’s Trust over the past three years: mentoring and financial assistance.

“I got in touch with The Trust’s short Enterprise programme in Hull, after trying to launch independently, and started to create a business plan. After that I was introduced to my mentor, Mike. It makes such a difference to have someone that you can gain advice from or to run ideas by.

“The Trust also supported me financially so that I could get Fantastic Faces off the ground. If you had told me three years ago that I would be painting for some of the largest organisations in the region, I wouldn’t have believed you. Yes, it’s a difficult time. But I feel that we can get through this together.”

Alison Rose, CEO, 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.”

Clare Crabb, Director of the North of England for The Prince’s Trust said: “It is more important than ever to encourage and protect the entrepreneurial spirit of young people in Yorkshire and the Humber, and across 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.