Young people encouraged to build businesses across the South West

Youth charity The Prince’s Trust is urging more unemployed young people in the South West to embrace their inner entrepreneur and explore the option of self-employment thanks to financial backing from the European Regional Development Fund (ERDF).

The Prince’s Trust Enterprise Programme, which helps jobless young people to start up in business, has already created more than £3.1 million in social value for the South West alone, according to research published by the charity last year[1].

Supported with investment from ERDF, from now until June 2015, over 1,300 more young people have the opportunity to set up in business through the Enterprise programme in the South West.

Offering support to unemployed 18 to 30-year-olds to help them work out if their business ideas are viable and decide whether self-employment is right for them, the programme offers business mentoring and an opportunity to apply for financial loans or grants.

The funding comes at a time when 16%[2] of 16 to 24-year-olds are facing unemployment in the South West with a 246[3] per cent increase in long-term youth unemployment in since the beginning of the recession.

Dermot Finch, regional director of The Prince’s Trust in the South of England, says: “Setting up in business may seem daunting but The Prince’s Trust Enterprise programme has three decades of experience helping disadvantaged young people succeed in self-employment.

“Thanks to supporters like the European Regional Development Fund, The Prince’s Trust Enterprise programme is proven to boost the economy despite the recession as well as transforming thousands of young lives.”

He added: “By helping our young unemployed into jobs and business, whole communities stand to reap the rewards of their success. Giving young people, with little hope for the future, a reason to get up in the morning will help regenerate the region’s economy following what has proved to be a very tough economic climate.”

In December last year, The Prince’s Trust partnered with the ERDF to deliver four launch events across Bristol, Gloucester, Plymouth and Bournemouth.

This year, The Prince’s Trust Enterprise programme aims to support more than 576 unemployed young people in the South West, giving them the skills and confidence they need to start-up in business or find work. Nationally, the programme has supported more than 80,000 young entrepreneurs over 30 years.

LEP board member and chief executive of The Dartington Hall Trust Vaughan Lindsay, says: “Small businesses are key to national and local economic growth, so it’s vital that we do all we can to help nurture current and future generations of entrepreneurs. That’s why we’re pleased to support The Prince’s Trust in the Heart of the South West, which provides young people with opportunities to explore their business ideas and develop the skills and confidence to realise their potential.”

The Prince’s Trust is urging more of the South West’s jobless young people to sign up to the scheme, giving them the skills and confidence to become their own boss or find jobs.

The ERDF funding total for this initiative, across the South West, is £891,320.

CASE STUDY:

Chris Farley, 29, Honicknowle, Plymouth

Following a difficult childhood involving frequent trouble with the police, Chris left school with a handful of GCSEs.

When later employment at a carpet shop ended in redundancy after nine years, Chris signed up to The Prince’s Trust Enterprise programme.

The four-day Explore Enterprise course saw him gain skills in basic business principles.

With funding from The Trust and ongoing guidance from a business mentor, he was able to get his company, Farley’s Flooring, up and running.

Chris sees the business expanding and is presently training up his younger brother and feels like he is worth something. He strongly believes his business will go from strength to strength.

For Chris it is good to know he has the support of people who understand the business, the problem he faces and where he is coming from.

For more information, visit www.princes-trust.org.uk.