Our Social Enterprise of the Week:
Youth Enterprise Bank
Youth Enterprise Bank make young people’s business ideas become reality. They provide grants and funding for young entrepreneurs aged 13-21, helping them succeed in the business world.
Their Vision / Mission:
Youth Enterprise Bank’s mission is to empower young people to become more enterprising. They guide and support young people through every step of turning their idea into a successful business. They offer grants for individuals or groups who are struggling to secure funding to make their idea happen. This funding can be used wherever the company needs it, for example buying equipment or having a website designed. It is often difficult for young people to secure finance from banks due to age or lack of credit history, so Youth Enterprise Bank are giving them the boost they need. The services they offer help young people overcome any economic and social barriers they might face when starting a business.
As well as financial support Youth Enterprise Bank also provide mentoring and guidance in all aspects of setting up and running a successful business. They offer advice on everything from writing a business plan to recruiting and managing staff. So far, they have helped over 500 young people get their businesses off the ground.
Youth Enterprise Bank also run a hot desk facility which can be booked for meetings and used as a business address for correspondence. This again gives young people access to the essential services needed to set up and run a business.
Why We Chose Them:
In the current economic situation many small businesses are struggling, so it’s great that Youth Enterprise Bank are continuing to support them. They are offering emergency grants to businesses that need help during Covid-19, enabling them to keep going at this difficult time. There are also a lot of opportunities for new businesses to form at the moment as many gaps in the market have appeared. It’s fantastic that Youth Enterprise Bank are still helping young people put their new and innovative ideas into action. Small businesses have more scope to adapt their services quickly and easily in response to changes in the market, giving them an advantage over larger businesses at present. This means the support Youth Enterprise Bank are offering is now more important than ever.
The Work They Do:
Some comments from Youth Enterprise Bank’s clients:
“It soon became apparent that I could take my passion of photography and run it as a business. I received support from the Net 315 Enterprise Gateway, the HYEP and the John Cracknell Youth Enterprise Bank, where I received £800 to cover my start-up costs. I have now set up a second business – My Fun Booth, offering a customisable photo booth service at weddings, corporate events and marketing campaigns.” – Thomas Arran
“I first had my business idea when I was aged 19 with lots of hope, only to be laughed at by landlords and wholesalers who wouldn’t give me credit.
Then I heard about the John Cracknell Youth Enterprise Bank. I submitted an application and received a grant of £700 alongside business advice. I set up my florist shop on Hessle Road, which was opened by the Lord Mayor. I had an army of customers who loved my range – but it wasn’t easy and I made plenty of mistakes! Perseverance paid off and I went on to be Hull’s Young Entrepreneur of the Year in 2009.” – Amanda Brockwell
How They Align With Our Values:
As a small business ourselves we understand the importance of small businesses and the positive impact they can have. It’s great to see that Youth Enterprise Bank are giving opportunities to people who may not have had access to them before, as this closely aligns with our values here at Ground Up Digital. We are a social enterprise, digital marketing agency who try to hire staff that may have had trouble finding employment in the past. You can read more about our values here: https://groundup.digital/our-values
How You Can Support Them:
Youth Enterprise Bank have set up an Emergency Fund to help young business owners stay afloat during Covid-19 and they’re looking for donations so they can support more people. You can find out more here: https://www.gofundme.com/f/jcyeb-young-entrepreneurs-emergency-fund?utm_source=twitter&utm_medium=social&utm_campaign=p_cp+share-sheet