The Prince's Trust and NatWest have launched a £5m fund to help young entrepreneurs stay in business through the coronavirus pandemic.
Their Enterprise Relief Fund will offer grants and support to entrepreneurs aged 18-30 to help them maintain core business operations and meet any existing financial commitments such as paying for vital equipment or settling supplier invoices. Businesses must have been set up in the last four years.
Alison Rose, chief executive of NatWest Group, 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.”
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.
“The challenge, in the short term, is that many young entrepreneurs whose business models are ordinarily completely viable are now suffering a considerable loss of income during this unprecedented economic time.
“That’s why this new fund is so crucial; it’s a lifeline that will help these businesses make it through the challenging time ahead. It complements support from the Government and allows us to provide grants to those who need it most.”
