Prince’s Trust and RBS target young entrepreneurs hit by Covid-19 with multi-million fund

The Prince’s Trust and Royal Bank of Scotland have launched a £5 million grant fund for young entrepreneurs impacted by the coronavirus crisis.
The Prince’s Trust and Royal Bank of Scotland and NatWest have launched a grant fund for young entrepreneurs impacted by the coronavirus crisis. Picture: Carl De SouzaThe Prince’s Trust and Royal Bank of Scotland and NatWest have launched a grant fund for young entrepreneurs impacted by the coronavirus crisis. Picture: Carl De Souza
The Prince’s Trust and Royal Bank of Scotland and NatWest have launched a grant fund for young entrepreneurs impacted by the coronavirus crisis. Picture: Carl De Souza

The fund is available for entrepreneurs aged 18 to 30, who can apply for grants and tailored support. Grants can be used to maintain core business operations during the pandemic, as well as meet any existing financial commitments, such as paying for essential equipment or settling invoices from suppliers.

Alongside that, the initiative will 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 do not have any other source of income during the crisis are also eligible to apply for a grant.

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Alison Rose, chief executive of Royal Bank of Scotland and NatWest, 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.”

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 trust has supported some 88,000 young people to start their own business through its enterprise programme. NatWest Group is the largest and longest supporter of this programme.

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