TeenBiz is The UK's first business start-up initiative for young people aged 18 and under. It was founded by Claire Young, a finalist on the 2008 run of the BBC television series, The Apprentice.

The scheme aims to provide teenage entrepreneurs with the tools needed to start their own businesses. It is designed to ignite an entrepreneurial interest among students who want to take their ideas to the next step and require assistance to make this happen. The objective is to help 100 young people who have fresh ideas, hunger and drive, to commence business operations over the next three years.

Every month one student will receive up to £500 of funding. The money can be used towards a range of start-up costs, primarily equipment required in the early stages of setting up a new business. Additionally, successful applicants will receive a mentor and a 'Business in a Box' start-up pack - including a virtual PA service, business cards and the loan of office space. Sponsors of the scheme have also donated vouchers for stationery and a website.

TeenBiz is open to all students, of all academic levels - from 13 to 18-years-old, all over the UK.

Opening in November to coincide with Global Entrepreneurship Week, the scheme is launching in a climate of high teenage unemployment and social disengagement, as demonstrated by the summer riots which took places in cities across England.

Applications open 1 November 2011 for awards to start from 1 January 2012. Further details, including and deadlines, will be reported on GRANTfinder when available.

Click here for links to the relevant website/scheme guidelines and GRANTfinder report