Princes Trust advice!

fopmhx

Just had a call from the princes trust giving me 24 hours notice that they want to discuss my business plan.

Anyone got any top tips to help me ensure this goes well...?

bylromarha

Assume this is the panel interview for your loan application?

Be fully prepared with all the info you have already researched, be confident your idea will work and take on board any advice they offer as they're all business professionals themselves. And remember they're nice people who want to help you achieve your best. Your PT advisor wouldn't have let your plan go to panel if it wasn't going to work.

let us know how it goes...all the best.

Savvy_Sue

If they ask a question you don't quite understand, ask them to rephrase it. Take a deep breath before you answer anything, and try not to gabble ...

Oh, and smile when you go in ...

kbh4031

please let me know how you get on and what they ask you, I have applied for a loan with them and will be having an interview hopefully soon.
Thanks and GL

MORPH3US

Good luck OP, let us know how you get on....

Advice, DON'T WORRY, you'll be fine!

M

fopmhx

Well as I said, it was all very last minute.

It was a meeting with an adviser who'll help me re-re-re-write my business plan and prepare me to go up against a panel.
He was really friendly and very motivating!

The disheartening thing is there is now half as much funding for twice as many applications!

lcooperdesign

Hi fopmhx,

Thank you for keeping us updated on your experiences. I too would like to make an application for a grant. I noticed you said it was a loan not a grant that you wanted, do you still have to be unemployed to get a loan with them or are the conditions different for loans? Also is there a significant benefit to a princes loan over say an Egg loan? Thanks for your time.

Lewis

Savvy_Sue

I hope that with a prince's loan you'd get some support on a practical / coaching / mentoring kind of level ... whereas Egg are probably only interested in you keeping up the repayments! :rotfl:

diamond4736

lcooperdesign wrote: »

Hi fopmhx,

Thank you for keeping us updated on your experiences. I too would like to make an application for a grant. I noticed you said it was a loan not a grant that you wanted, do you still have to be unemployed to get a loan with them or are the conditions different for loans? Also is there a significant benefit to a princes loan over say an Egg loan? Thanks for your time.

Lewis

My OH has just been accepted for a princes trust loan of £4200, you do need to be unemployed and on job seekers i think and under 30, also you do only get a loan not a grant as it says on the princes trust website, my OH asked about the grant and was told they were only for people who need things like a bed and can't afford to buy one, the good thing about the princes trust loan is in my OH's case he only needs to pay back £20 month for the first 6 months, so you have time to get your business up and running then about £110 month after that, not sure what the interest is if any but don't think it will be as much as a normal loan, also if you say your going in as a partnership you get more money.

anitamarie

I used to volunteer for Prince's Trust and the loans are at a lower rate for those who are disadvantaged in some way - unemployed, etc. However, this does seem to differ by definition depending on area - the girl they sent me certainly wasn't 'disadvantaged', but rather had spent her unemployed 6 months sunning herself in Italy whilst she waited to become eligible for the lower interest rate which she could use to go wholesale shopping for designer clothes. I kid you not. Ethically, this struck me as wrong - it is a very committed hands-on charity and I reported it back. However, for those who do have an idea and need the help, Prince's Trust can be great. It is very unlikely your mentor will put you in front of a panel without you being ready, so you should have confidence in yourself - they do.
Plus, the panel are with you not against you and they want you to succeed, in this way they can't be compared to a miserable bank manager.

bylromarha

My PT panel interview is wednesday..feeling okay about it.

Just want to agree with the above point really. I'm a graduate from one of the top 5 unis in the country, had a successful teaching career, chose to give it up to be a full time mum. Not claiming any benefits besides child benefit and tax credits.

I was up front about all this with my PT advisor and she said that I was technically unemployed (I bit my tongue at this!) and under 31, therefore I qualified. Still feels like I'm taking money designed for people more in need than me.