The Prince's Trust Enterprise Relief Grant Fund – all you need to know

Many young business owners have had their ventures disrupted by coronavirus, but the Prince's Trust is looking to financially back those that don't have enough income to weather the storm.

What is the Prince’s Trust?

The Prince’s Trust is a charity that supports young people aged 11-30 with education and personal development. Originally started by Charles, Prince of Wales, the Charity seeks to build confidence in young people leaving care, struggling with homelessness or in trouble with the law.

What is The Prince's Trust Enterprise Relief Fund?

The charity has partnered with NatWest to provide grants of up to £10,000 for 18–30 year olds, whose businesses have been disrupted by coronavirus. In this guide, we'll dive into what’s available, who’s eligible and how you can apply.

How much funding is available in total?

The Prince’s Trust have announced a support package that totals £5m, meaning the initiative has the potential to support thousands of businesses. To get access to this money, you’ll need to make sure you’re eligible, and submit the required documents. Read on to find out how.

Am I eligible for this grant?

As expected, there's some eligibility criteria in order to successfully apply for a loan through this scheme. You’ll need to:

• be a business owner aged 18–30
• have set up your business in the last four years
• be in financial difficulty because of coronavirus

How do I apply for a Prince's Trust Enterprise Grant?

To apply, you'll need to submit some information about your business, including The Prince’s Trust grant application form and a 12 month cashflow forecast. We’ve listed exactly what you’ll need to provide to be in with a chance of getting a cash grant.

Prince's Trust application form  You can download the form here. Though these forms can be tricky to understand, you should try to add as much detail as possible. If you get stuck, you can always get in touch with The Prince’s Trust via their website, or calling 0800 842 842

12 month cash flow forecast This needs to show your business’ income and expenditure for 6 months pre–coronavirus, and 6 months post-coronavirus.

Personal survival budget This should show your expected personal cash flow for the coming month. Though you can't use a grant from The Prince's Trust to fund personal costs, they'll consider your position when reviewing your application.

Proof of Trading If you're self-employed, this will be your Unique Tax Reference (UTR) from HMRC and a screenshot of your previous years trading. For limited companies, you may need to include your company registration number.

Three months banks statements These will need to be from whichever account you manage your business through.  

Online profile form for your area Click your area below to navigate to the correct form:

• Scotland
• Wales
• Northern Ireland
• North England
• Central England
• South East England
• South West England
• London

When will I find out if my application has been successful?

You should hear about the progress of your application and how much you’ve been approved for within two weeks. You can find out more details about the application process on The Prince's Trust website, or call their advisors on 0800 842 842 for more info.

Can iwoca help my business recover?

While we’re not offering small business grants, we are accredited for the Coronavirus Business Interruption Loan Scheme (CBILS). This scheme was introduced by the Government to try and help businesses recover from the effects of the pandemic.

We’re offering loans of between £50,001 and £350,000, for up to five years. There’s nothing to pay for the first 12 months as the Government covers all interest, repayments and fees during this time. If you don’t use the money in the first year, simply repay early and we won’t charge you a penny.

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