Get applying with this blog on the Prince’s Trust Business Grant!
The Prince’s Trust Business Grant is a nationwide funding effort to support and enable young people to start their businesses. Altogether, the trust raises more than £100 million each year to invest in every industry. Indeed, on their website, it states that the trust covers:
- The built environment
- The arts
- Responsible business and enterprise
- Young people
- Global sustainability
- Rural affairs.
It can be daunting to apply for nationwide business and start-up grants. But that is where we come in. With this blog, you’ll have everything you need to start applying.
Who is this trust for?
The Prince’s Trust Business Grant is for disadvantaged young adults between the ages of 18-30. Specifically, the business grant focuses on young adults that wish to follow entrepreneurial ambitions. You need to be working less than 16 hours a week to apply for the funding.
You’re eligible if you’ve:
- Experienced difficulties during early education
- Been in trouble with the law
- Experienced long-term unemployment
- Been raised in the social care system.
Why is this grant in place?
The Prince’s Trust was created by Prince Charles after he’d exited the Royal Navy in the 1970s. Against the backdrop of national economic hardship, His Royal Highness used his severance pay to pilot multiple community initiatives. Out of this grew a trust focused on providing support to young entrepreneurs, and by 1986 1,000 people were supported. In 1999, the various charities were merged to become The Prince’s Trust. Since then, the trust has stated that they’ve supported 1,000,000 people in achieving their dreams. Now the Prince’s Trust Business Grant is one of seven programmes aimed at helping young people strive for their ambitions.
How much is available for the grant?
For start-up business grants, the maximum amount you can apply is £5,000. To be eligible for this, you’ll need to attend the course and have a developed business plan ready. In special circumstances, the trust also offers other, smaller start-up grants.
What if I’m currently receiving benefits?
If you’re receiving benefits, the trust has an agreement with Universal Credit to allow for your payments to continue.
What if I’ve already got a functioning business?
If you’ve just registered your business, but you’re not operating currently, you can apply. If your business is fully operational, then the grants aren’t available to you. However, this doesn’t bar you from the free templates and documents that are provided on the website.
Are travel costs covered?
In the case that travel is needed, the trust is willing to cover reasonable costs.
How long is support offered on the enterprise programme?
Support (such as mentoring and financial advice) within the enterprise can be offered for up to 12-months.
Do they work with other companies?
With regards to the enterprise programme, the Prince’s Trust also works with NatWest on supporting people starting their own businesses. NatWest has been working with the Prince’s Trust since 2000, especially during the pandemic.
What are the stages of applying for the grant?
Stage 1: Information session
The first stage is where you’ll first encounter the program. You’ll attend an information session in the local area. Advice around support will be offered, alongside invitations for interactive workshops.
Stage 2: Workshop
You’ll discover networking opportunities through meeting fellow people in the workshop. Free professional advice will be offered by a Business Adviser, covering all the major aspects of operating a business. These workshops can last up to four days.
Stage 3: Business growth
Following the workshop, you’ll put your learning to the test. With support from mentors, you’ll utilise them as soundboards, forming ideas around the enterprise. At this stage, you can apply for low-interest business loans.
Stage 4: Launch
You’ll present your business plan to the trust’s business launch group. They will further validate whether your business has viability. This is the stage where you can apply for further financial support, such as the grant.
What else do they offer?
They also offer alternative means of funding through loans such as the start-up loans company. Working alongside the trust, they offer loans from £500-£25,000 at a rate of 6.2% APR. Applicants need to be 18 and over. The loan can cover a maximum period of five years at a fixed rate. Each partner in a business can apply for a loan. The three main areas of financial advice they can offer is budget, tax, and insurance.
Alongside the Prince’s Trust Business Grant, there are six other programmes that are offered to young people:
- Get into – Short vocational courses that develop your skills and experience of working in a specific sector.
- Get Started– Courses in STEM (science, technology, engineering, and maths), followed by one-to-one support to develop your skills and confidence.
- Team– 12-weeks of different activities to get you back on track for college or work.
- Achieve– Personal development programmes run in educational settings.
- Fairbridge– Various group activities and one-to-one support to develop the skills and confidence you need to move forward.
- Development Award– Cash awards to help you get into work, education, or training.
As well as this, they also provide:
- Business plan templates
- CV tips
- Networking tips
- Money Management.
In summary
Now you’re all caught up on the Prince’s Trust Business Grant, and what’s included. For those who need it, here’s a short recap of what we’ve covered here today.
Who is this trust for? – People aged 18-30 who; have been in care, have previous negative experiences with the law or have experienced long-term unemployment.
Why is this trust in place? – His Royal Highness, Prince Charles dedicated his severance pay to community initiatives, because of noticing national economic hardship. This eventually blossomed into a fully-fledged trust, focused on providing young people with the resources necessary to achieve their dreams.
How much is available for the grant? – A maximum of £5,000 is available for the grant. Alongside this, smaller start-up business grants are available for special circumstances.
What if I’m currently receiving benefits? – If you’re currently on job seekers allowance, the trust has an agreement that allows for your payments to continue.
What if I’ve already got a functioning business? – If your business is already up and running, then the grants and financial support are unavailable to you. However, if you’ve only registered your business and you’re not operating, you are eligible for support.
Are travel costs covered? – In the case that you need to travel to any courses, reasonable travel costs will be covered.
How long is support offered on the Enterprise programme? – Support and advice are offered for up to 12-months by the trust. They operate at your pace in developing your business plan.
Do they work with other companies? – The enterprise program also works with NatWest in providing financial support to business starters.
The four stages to securing the grant:
- Stage 1 – Initial discussions around your business and the financial advice offered.
- Stage 2 – Once invited, a two to four-day workshop will commence, offering networking opportunities and professional financial advice is offered.
- Stage 3 – You’ll have time to focus on building your business plan, with sound advice from a mentor.
- Stage 4 – You’ll present your business plan to a Business Launch Team to help fill out and remove any weak points.
Our services
Grant Writing
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Grant Tracker
You can find this grant and others like it on our Business Grant Tracker. Currently, we have over 1,700 live business grant and funding opportunities. Our team have manually tracked 1,500+ data streams searching for business grant opportunities. Each one is then uploaded to one central system, streamlining the process.
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