Prince's Scottish Youth Business Trust - PSYBT

Our Aim

The aim of the Prince's Scottish Youth Business Trust - PSYBT, which reflects an enterprise flavour in the charitable nature of the work, is to provide essential finance and professional support to young people in Scotland aged 18-25, whoever they are and wherever they come from, so that they can set up and run their own businesses. The Trust has particular concern for the disadvantaged.

How We Operate

The PSYBT is now firmly established throughout Scotland in 18 Regions. Regional Managers, located with Enterprise Trusts and other business development agencies, are responsible for organising pre start training and aftercare support for young people helped by the PSYBT. Regional committees of volunteers interview all applicants and make the decisions on awards. The HQ in Glasgow sets policy, establishes procedures, directs training, manages most administration centrally and devolves operational matters to the 18 Regions.

Ambition - Drive - Determination

The PSYBT process is a simple one. The key however is that it must be driven by the desire and ambition of the young people themselves. The PSYBT will identify and arrange the training required, often providing one to one counselling where an appropriate course is not available. The PSYBT will help with the business plan, suggest additional sources of support and finance and generally prepare the youngsters for the panel interview they all must attend. Most are successful at this stage and, to date*, PSYBT has assisted 9,479 young people who have started 7,997 businesses - 80% have traded beyond one year and 53% beyond three years. Over £28.68m has been awarded, 88.9% of which is in the form of low cost loans and 39% of the young people assisted are women. The annual turnover of PSYBT supported businesses is over £80m.

Business Mentoring

The aftercare support programme is provided by trained and managed business counsellors. They are a mix of full time professionals employed by the Enterprise Trusts, volunteer advisers giving up one day a month from their normal employment and some retired executives who simply want to put something back into the community. They work within a structured system, in local groups, use common documents and derive great satisfaction from it. This method also has the advantage of managerial visibility from the Head Office.

The Future

The PSYBT has grown rapidly from its early days and now works towards an annual target of 500 businesses a year, manages a loan fund now over £6 million and provides aftercare to more than 650 businesses. It is now the most effective, efficient and exciting Youth Enterprise Development organisation in Scotland. It believes that in enabling young people to make a significant contribution to their communities it also enables local communities to invest in youth and enterprise. It is well placed to lead the country in the development of an enterprise culture for young people.

Clients

Young People in Scotland aged 18-25 years.