Almost two thirds of young people have, or would consider, starting their own business but many say a lack of funding and experience is putting them off, according to research commissioned by The Prince’s Trust and Lloyds Development Capital (LDC). Following the publication of this research, the two organisations have come together to launch Backing Youth Ambition, an initiative designed to support youth enterprise across the UK.
The three-year programme aims to help over 1,200 young people explore and launch their own businesses through start-up grants and additional funding for The Prince’s Trust Enterprise Programme. LDC is also providing support through fundraising, volunteering and mentoring activity across its regional offices, employees and investee companies.
Young entrepreneurs from across the UK may be eligible for support through the programme.
Nick Stace, UK Chief Executive of the Prince’s Trust, said:
"Starting a business can transform a young person’s life and is a brilliant way for them to fulfil their potential and gain a greater stake in our society.
"Together with LDC, we will help to break down the barriers these young people are facing and give as many of them as possible the confidence and opportunity to become their own boss."
Martin Draper, CEO at LDC, said:
"Young entrepreneurs are essential to a thriving economy. What is clear, is there is no shortage of ambition amongst young people to be their own boss.
"We’re excited to join forces and support their mission, helping to back the ambition of young people and create a new generation of entrepreneurs."
Applications can be submitted at any time.
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