Unlock Funding for Your Business Idea with The Prince’s Trust
Are you a budding entrepreneur with a brilliant business idea but struggling to secure the necessary funding? Look no further than The Prince’s Trust for support and financial assistance.
For the past forty years, The Prince’s Trust has been running an enterprise programme designed for individuals between the ages of 18 to 30 who are either unemployed or working less than 16 hours a week. This program offers a range of business training workshops covering essential topics such as marketing, business planning, and taxation. In addition to valuable training, participants can access funding of up to £7,500 through the government-funded Start-Up Loan Company, along with ongoing support for their business ventures. Repayment of the loan can be made over a period of one to five years, with the option to make early repayments without incurring any additional charges.
The journey with The Prince’s Trust begins with a free information session where you can learn about the various ways in which your business idea can be supported. Following this, participants attend a two to four-day workshop where they receive mentorship, resources, and guidance before being eligible to apply for funding.
Tailored Support for Your Business Goals
Sophie Beesley, Head of the Business Programme at The Prince’s Trust, emphasizes the flexibility and personalized approach offered to aspiring entrepreneurs. “We understand that developing a viable business idea takes time. We provide a window of 12 months for individuals to refine their ideas before securing funding. However, for those with relevant experience and a clear plan, such as setting up a plumbing business, funding can be secured in as little as three to four weeks,” says Beesley.
Success Stories: Transforming Dreams into Reality
Simon Prynn, who utilized a £1,000 loan from The Prince’s Trust to establish his drum classes, shares how the funding and support he received changed his life. “I was tired of being stuck in unfulfilling jobs and going back to college wasn’t the right path for me. This opportunity allowed me to pursue something I was passionate about,” says Prynn. Encouraging others with business ideas, Prynn advises, “Don’t let naysayers hold you back. The Prince’s Trust believed in me when others didn’t. Now, I have purpose and direction in my life.”
Another success story is that of Craig Smith and Lisa Kennedy, who received a £3,000 loan from The Prince’s Trust to launch their business, The Printed Bag Shop, after facing redundancy. The company has since garnered multiple awards and prestigious clients such as The Royal Bank of Scotland and Coca-Cola. Reflecting on their journey, Smith shares, “Being self-employed can be isolating, but the Trust’s support has been invaluable. We have expanded our business with additional loans, all made possible by the initial support we received.”
“The business has supplied the likes of The Royal Bank of Scotland and Coca-Cola, and managed to hit £1 million in revenue this year for the first time.”
Smith highlights the impact of their success on their daughter, Ellie, stating, “Our achievements mean a better future for Ellie, not just financially but in instilling a ‘can do’ attitude in her life.”
Financial Assistance Made Easy
While the average funding amount provided by The Prince’s Trust is £2,500, the repayment terms are favorable with an interest rate of six percent. The repayment schedule starts with a nominal payment of £20 for the first six months, followed by installments spread over two to five years. To sustain their comprehensive program, The Prince’s Trust relies on donations and is constantly seeking support from benefactors.
Take the Next Step Towards Your Business Success
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