The £5 million Enterprise Relief Fund will offer grants to 18 to 30-year olds across the UK who are self-employed and/or running their own business. In conjunction with cash grants, the initiative will offer one-to-one support and guidance to anyone who needs it and who may be worried about their future.
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 also support young people to diversify their business to respond to opportunities created by the crises. In conjunction with grants, the initiative will offer one-to-one support and guidance to any applicants who need it.
To be eligible to apply, you must be a business owner aged 18 to 30, who set up their business in the last four years and don’t have any other source of income during the crisis.
If you set up your business with support from The Princes Trust in the last four years, you are still eligible for the fund if you were aged 18-30 at the time you received this support.
Entrepreneurs aged 18-30 who are not eligible for the fund but find their businesses to be affected by coronavirus can contact The Princes Trust for support. Every young person who gets in touch will be offered personalised one to one support to connect with mentors or build their skills.