Princes Trust advice!

Tulip

bylromarha wrote: »

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.

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

Good Luck for Wednesday


Katie

bylromarha

Thought I'd update this for any future PT applicants.

Panel interview was fine (I got my money, hurrah!!!!) they asked lots of questions and picked holes in my business plan and idea.

I'd already picked those holes myself (as any new start up should anyway) so had answers prepared for them. A couple of the 6 interviewing me had some tips to help me along, so I lapped those up, seeing as they're professionals themselves...couldn't help feeling though that the panel were people who were "doing their bit for the poor people"...a couple of their comments were quite snobby and I told the chairman off for being rude about the intelligence of supermarket workers. Still got my money though:beer:

The follow up session (compulsory for them to award the money) was extremely dull for anyone with a little bit of financial awareness...eg: lets look at a loan agreement together, this is a direct debit form...:rolleyes: A 2 hour waste of time for me, but if others got something out of it, then it was a useful session I guess. 1 man talking at you in a monotone for 120 minutes is never fun though.

rate of interest 3% over 3 years, £20 per month for first 6 months, £141 per month for remaining term. £360 interest on £4k over 3 years is PDG! One girl talked about paying her loan off early if she could and I told her to put the money in a high interest savings account as she'd get a better return....the PT man laughed and said "You've done you're research"...he doesn't know the half of it!!!!!

So it was a very positive experience for me, and if you're applying soon, remember your PT advisor would never recommend you for a loan if they didn't think you would succeed.

All the best!

naweedshams

Hi,

I've also got an introductory meeting with the princes trust this coming thursday - 26th March 2009. I honestly dont know what to expect, what do I wear on the day, smart or casual?

How prepared should I be, what should I take with me?

I read the posts above explaining that the loan is about £4-5k ... What if one would need more than that, say £20-50k?

Would you get turned away if you didn't know your sums, not brilliant at maths but good enough?

How soon do you face the panel after the introductory meeting is out of the way?

I need helpful advice before this thursday!

Thanks, I appreciate any help.

Naweed.

Savvy_Sue

naweedshams wrote: »

I've also got an introductory meeting with the princes trust this coming thursday - 26th March 2009. I honestly dont know what to expect, what do I wear on the day, smart or casual?

Smart, professional, in line with what you're wanting to do. Just as you would for anyone you want to impress favourably, or a job interview.

naweedshams wrote: »

How prepared should I be, what should I take with me?

I read the posts above explaining that the loan is about £4-5k ... What if one would need more than that, say £20-50k?

I can't answer those in any detail, but if you need more than they are prepared to lend, you had better have a plan for getting the rest, because if you don't, I doubt they will lend anything to you. If they do, it will be dependent on you being able to borrow the rest, ie they may not give it to you until you can show you've got all you need.

They're unlikely to be able to make an exception and lend 5-10 times their normal loan just because you ask nicely.

naweedshams wrote: »

Would you get turned away if you didn't know your sums, not brilliant at maths but good enough?

I doubt they would test your mental arithmetic. However, they need to be sure that your business plan and your financial forecasts look realistic. So if you are saying you need £20-50K, have you costed things properly? Are your income forecasts reasonable? Have you thought of everything that should be included in your costs? etc etc etc

naweedshams wrote: »

How soon do you face the panel after the introductory meeting is out of the way?

That would be a question you could ask them on the day.

MORPH3US

@ naweedshams....

Take as much as you have i.e. business plan, financial forecasts etc..

Even if the business plan is just notes.

naweedshams

Thanks for the honest kind responses!

I actually can't wait now.. just a matter of hours but I'm dreading it. Not very prepared as I've been too busy spending my precious time designing, launching and marketing the website based on this business although haven't started trading yet. Would that be viable if I don't have a full business plan, forecasts etc?

I have looked at additional funding, as its a social enterprise business there is a vast majority of social enterprise funding organisations that will be able to offer help. The business is based on eco friendly travelling, recycling, safe parking and encouraging 2 wheels instead of 4 to help battle climate change. You've probably guessed what it is by now;)


Start up costs are quite low depending where the business will operate from, would prefer the heart of London for easier access.

Would it be worth a try to seek angel investmet?

I appreciate your time replying back

Naweed.

azzman101

I have spent 4 months with the trust, I Initially asked to meet and already had a very good business plan completed. I was told by everyone in my local office that the plan was flawless and they instantly forwarded me to the next arranged panel meeting which was last month from the date of this post. I was accepting by the board and then filled out the neccessary paperwork i.e loan agreement, debit details etc. My business is now up and running but a month later I still have no money from the trust, have been calling their office who keep telling me to check my bank :S.....absolutely useless. For me the trust have been a complete waste of time and im sure in 2 months my account is going to be debited with the first repayment of the loan. Not really sure what to do, im past my 5 day cooling of period but looks like im going to have to cancel the whole thing....if ofcoarse I can ever get hold of anyone :mad: I think they are out of money but unwilling to discuss this with me due to the embarrassment factor and ofcoarse what my reaction may be after all the hard work and what seemed to be endless meetings. They definitely have the correct bank details as I can see from online banking that theyve set up a direct debit.

HopeAndDriftWood

My local trust have been in touch with me to say that they are out of money until October at the earliest, but would consider my application then. I had several meetings with the trust in February, but then my health flared up, and I hadn't really thought about it again.

Cancel the direct debit if you haven't received your loan when its due to go out, getting money back from them sounds like it'll be just as hard.