£5 Million COVID-19 Relief Grants for Young Entrepreneurs
The Prince’s Trust and NatWest have launched a £5 million grant fund for young entrepreneurs whose businesses have been affected by the coronavirus outbreak. The Enterprise Relief Fund aims to help 18-30-year olds keep their businesses afloat during the COVID-19 crisis.
Cash 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.
Additionally, grants will support young people to diversify their business to respond to opportunities created by the crisis.
In conjunction with grants, the initiative will offer one-to-one support and guidance to anyone who needs it and who may be worried about their future.
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.
Jonathan Townsend, Interim UK Chief Executive of The Prince’s Trust said: ‘It is more important than ever to encourage and protect the entrepreneurial spirit of young people in 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.’