THE GENESIS FOUNDATION ENGAGES IN 5-YEAR PARTNERSHIP TO SUPPORT PRINCE’S TRUST CREATIVE BUSINESSES

Monday, 10 June 2002

The Prince’s Trust, through the Genesis Foundation, is to provide start up loans to disadvantaged young people wishing to become self-employed in the creative Arts.

The long-term partnership will support a range of young people including musicians, singers, artists, sculptors and playwrights empowering them to set up their own enterprises and maximise their talents.

The Genesis Foundation, started by John Studzinski – who is also Deputy Chairman of Morgan Stanley International – focuses on nurturing talent in the Arts by providing young professionals with springboard opportunities early in their careers.

The donation will be made over a five-year period and will help establish around 75 new businesses.

Commenting on the partnership, Tom Shebbeare, Chief Executive of The Prince’s Trust, said: “We are delighted with this new partnership with the Genesis Foundation. Their support will enable us to nurture young people talented in the creative arts across the UK, who otherwise might not have had the opportunity to set up their own enterprise.”

The package of support The Trust offers includes start up loans and grants of up to £5000, free advice, a comprehensive ‘aftercare’ programme, and counsel from volunteer ‘business mentors’. The new partnership will also enable the young businesses to benefit from the large network of the Genesis Foundation.

John Studzinski, Founder and Chairman of the Genesis Foundation, said: “Since our main function is to help springboard young talents in the creative arts, we believe it is a natural extension of our work to join forces with The Prince’s Trust to help young, underprivileged creative people also start up arts-related businesses.”

The Prince’s Trust’s Business Start Up programme was founded in response to large scale youth unemployment – prompted by HRH The Prince of Wales’ conversations with young people in the aftermath of the Brixton riots. It has always supported young people seen as too ‘risky’ by conventional high street lenders and this approach is something that appeals strongly to the Genesis Foundation.

Most of those assisted are unemployed and have no collateral. The Trust recently announced that it has supported 50,000 young people into self- employment since its Business Start Up Programme was launched in 1983.

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For more information, contact:

Emma Melville-Ross, Communications Manager, The Prince’s Trust:
020 7543 7334 – emmamelv@princes-trust.org.uk

The Prince’s Trust website is at www.princes-trust.org.uk