A ground-breaking scheme which gives jobless young people a helping hand to set up their own business has delivered a social value boost totalling nearly £1 million in Devon and Cornwall.
The Prince's Trust Enterprise programme supported more than 370 unemployed young people in the South West in just one year – including 111 in Devon and Cornwall – giving them the skills and confidence to start-up in business or find work.
Dermot Finch, Prince's Trust regional director for the south of England, said the scheme had helped young people "completely turn their lives around."
"Our Enterprise programme is proven to boost the economy despite the recession as well as transforming thousands of young lives," he said.
"We want to help more jobless young people in Devon and Cornwall.
"So many young people are exceptionally entrepreneurial, but need support and mentoring to get their business ideas off the ground."
A study, which marks 30 years since The Prince's Trust first started helping young people set up in business, estimates that the scheme generated more than £3.1 million in value to the wider South West and £950,000 in Devon and Cornwall alone, in the last year.
The analysis also highlights the social value of fewer people being on benefits or in trouble with the law as a result of the programme, helping to divert state funding to others in need.
The figures, based on the value of helping young people into work or self-employment, show that for every pound invested in the scheme, more than four pounds is generated in social value.
Since its formation, The Prince's Trust has helped more than 80,000 young people become their own boss across the UK.
The youth charity is now urging more of Devon and Cornwall's jobless young people to sign up to the scheme, giving them the skills and confidence to become their own boss or find jobs.
The call comes as it was revealed that in Devon and Cornwall, the number of young people claiming Job Seeker's Allowance for more than 12 months has hit a 16-year-high – increasing 18 times since before the recession.
Haydn Thomas, regional managing director of business banking at NatWest, part of the RBS Group, which is a major supporter of the Princes Trust, said it had made a "massive difference" to the young people involved.
"If we supported more young people into business, it would represent a significant injection to the UK economy, as well as regenerating communities."
For more information see www.princes-trust.org.uk or call 0800 842 842.