A further £3m has been pledged by the Royal Bank of Scotland towards the Prince's Trust's UK-wide young enterprise programme.

The funding, to be implemented over a three-year period, continues a decade of support for the charity by the bank, having focused its support on the programme since its launch in 2009. The Trust's Enterprise programme encourages unemployed 18 to 30-year-olds to set up businesses, providing financial backing and mentoring. It replaced the charity's former Business Programme in 2010.

RBS, also funding the charity's Celebrate Success entrepreneurship awards, is the biggest corporate supporter of the Enterprise programme, with employees having raised £1.8m for the scheme. Citibank and the Citi Foundation have also been supporters since 2002.

The Trust receives 3,500 enquiries every month and last year supported 14,201 young people through the Enterprise programme. RBS's latest funding will support an estimated 1,500 young people follow their ambitions to start their own businesses. 

Last year corporate partnerships accounted for 20 per cent (or £11.06m) of the Trust's funding, an increase from 12 per cent in 2010/11. The charity says this is part of its strategy to replace income from public sector contracts, which currently provides 29 per cent of the charity's income.