Application Procedures

The Prince's Trust Business (PTB) is a charity which helps disadvantaged young people, between the ages of 18 yo 30 (inclusive) who are either unemployed or underemployed, with funding to start a business.

The PTB offer Test Marketing Grants of £250 (average £190), and loans of up to £5,000, the average loan being £2500, and, in specific cases only for the most disadvantaged applicants, grants of up to £1,500 . Grant assessment is based on your personal circumstances. We now offer Fast Track loans/grants under £1,000

If your business is supported financially by the PTB you will also receive the support of a Volunteer Business Mentor who will meet with you on a monthly basis for the life of your loan. Working with a Mentor is a requirement of your Loan Agreement.

The application process is a follows:

• You send your Business Plan to our office and it is then passed to the manager responsible for the geographical area in which your business is located.
• The Manager arranges an initial assessment meeting to assess your eligibility and personal circumstances and to discuss your Business Plan.
• The Manager will discuss a timetable regarding a deadline for a Panel.
• The Manager will discuss the amount of finance you are seeking and will make a decision, based on the discussion and your Cashflow Forecast.
• The PTB has strong links with Banks, therefore, if the Manager deems your plan commercially viable, she/he may recommend that the Panel approve a figure based on a matching loan from a Bank.
• When the business plan is finished, your Manger will assess the revised plan and inform you if the plan is being put forward to a panel.
• A complete copy of your plan will be sent to individual Panel members. You will be sent a letter approximately one week prior tot he Panel meeting with details of time and venue.
• At the Panel meeting, the Panel members will discuss your plan with you on an individual basis.

There are four possible Panel decisions, which are:

• Yes
• Yes With Conditions - (you will need to satisfy your manager that you have met any and all conditions)
• a Deferral - insufficient information
• No - if Panel members feel that it would not be of your best interest to start a business at this time.

A day after Panel, your Manager will contact you regarding Panel's decision.

NB: If you have reached your 31st birthday prior to a decision being made, The Trust will not be able to release any funds to you as the agreement with the charities commission clearly states that it cannot provide finance to anyone over the age of 30, regardless of your age at the time of application or panel award was made.

Grant monies are paid either on presentation of a paid receipt, when we will give you a cheque made out to your business, or a Pro Forma Invoice, when we will give you a cheque made out to the supplier.

The PTB operates an Equal Opportunities policy and all applications are treated equally throughout the entire application procedure.

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