Are you a young entrepreneur with a brilliant business idea but struggling to secure funding? Look no further than The Prince’s Trust for the support you need.
For over 40 years, The Trust’s enterprise program has been helping individuals aged 18 to 30 who are unemployed or working part-time. Offering a range of business training schemes covering essential topics like marketing, planning, and tax, the program also provides funding of up to £7,500 through the government-funded Start-Up Loan Company. Repayments can be made over one to five years, with the flexibility to make early payments without penalties.
The journey with The Prince’s Trust begins with a free information session to assess how your business idea can be supported. This is followed by a two to four-day workshop where you will receive mentorship and resources before applying for a loan.
Sophie Beesley, head of the Business Programme, emphasizes the importance of commitment and passion in the application process. She mentions that individuals with relevant experience in a specific field, such as plumbing, may receive funding in as little as three to four weeks.
One success story comes from Simon Prynn, who used a £1,000 loan from The Prince’s Trust to establish his own drum classes. He credits the funding and support he received for changing his life and providing him with a sense of purpose and direction.
Another inspiring tale is that of Craig Smith and Lisa Kennedy, who received a £3,000 loan from The Trust to start The Printed Bag Shop after facing redundancy. The company has since achieved remarkable success, supplying major brands like The Royal Bank of Scotland and Coca-Cola and reaching £1 million in revenue.
The typical funding amount provided by The Trust is £2,500, with a manageable repayment plan and low-interest rate. Businesses supported by The Prince’s Trust have the opportunity to access further funding, contributing to their growth and success.
Looking ahead, The Prince’s Trust is continuously seeking donations to sustain its comprehensive program and support more aspiring entrepreneurs.
To explore funding options for your business, consider partnering with a panel of lenders through Small Business. By completing a quick application, you can access a range of finance deals tailored to your needs.
In conclusion, The Prince’s Trust offers a lifeline to young entrepreneurs seeking financial support and guidance to turn their business dreams into reality. With a track record of success stories and ongoing funding opportunities, it remains a valuable resource for the next generation of business leaders.