By Scott Wright

The Prince’s Trust has announced a support package from Royal Bank of Scotland to support young entrepreneurs through the coronavirus pandemic.

Young people aged 18 and 25 can apply for grants and tailored support under the £5 million NatWest Enterprise Relief Fund, which launched yesterday.

The trust said grants can be used to maintain core business operations during the crisis, as well as to meet existing financial commitments.That could include paying for essential equipment or settling invoices from suppliers.

One-to-one support and guidance to applicants will also be offered as part of the package.

Businesses must have started up in the last four years and be run by someone aged 18 to 30 in order to be eligible.

Young people in the process of starting a business and do not have any other source of income at this time are also eligible to apply for a grant.

Alison Rose, chief executive of Royal Bank of Scotland, said “we are doing everything we can to support our customers through these unprecedented times.”