Are you struggling to secure funding for your business idea? Look no further than The Prince’s Trust. With the Trust’s enterprise program, available to 18-30 year olds who are unemployed or working fewer than 16 hours a week, you can receive business training, funding of up to £7,500, and support for your business idea. The program, which has been running for four decades, provides the opportunity to pay the loan back within one to five years with no early repayment charges.
The first step is to attend a free information session to learn about the support available. Following this, you can participate in a two to four-day workshop and receive mentorship and resources before applying for a loan.
The flexibility of the program allows for up to 12 months to develop a viable business idea. One success story comes from Simon Prynn, who used a £1,000 loan from The Prince’s Trust to establish his own drum classes. Describing the funding and support as life-changing, he emphasizes the importance of commitment and passion to go the extra mile in pursuing a business idea.
The success stories don’t end there. Craig Smith and his partner Lisa Kennedy used a £3,000 loan from the Trust to start their business, The Printed Bag Shop, after they were made redundant. Their company has since gone on to win several awards and has achieved £1 million in revenue.
The typical amount of funding businesses receive from the Trust is £2,500, and the interest on the loan is six percent. The repayment scheme requires only a £20 payment for the first six months, with the remainder spread out over a period of two to five years.
Looking for fast funding for your business? Complete this quick application to access our panel of business lenders. Additionally, if you need funding for your small business, we’ve compiled a list of 150 UK small business grants that you can apply for right now.
Interested in learning more or getting started? Check out The Prince’s Trust website for more information and to see how your business idea can be supported.
