THE Prince of Wales is launching an initiative to help unemployed over-fifties start up their own businesses.

In a move hoped to mirror the success of his Youth Business Trust, a charity called Prime is being set up to provide advice and financial backing from private enterprises for older would-be entrepreneurs.

Charles, who recently turned 50 himself, will act as president of the organisation, while a small secretariat has been appointed.

Prime said its bold aim was to help at least 10,000 older people into self-employment by the end of 2002.

As well as being backed by The Prince's Trust, Prime is supported by Age Concern England, Help the Aged and the Third Age Challenge Trust, which has provided personnel, premises and expertise.

It has the backing of private companies including British Steel and British Coal Enterprise, while the Government is also behind the move.

The initiative will be tested through 20 pilot projects across the UK in 1999 with a full national launch later in the year.

Prime said the Prince believed the over-fifties could benefit from the kind of support The Prince's Trust has provided to help 37,000 young people start in business in the last 12 years.

John Caff, chairman of the Prince's Trust Cornwall Business Board, is heading up the charity as its chairman.

He said: "More and more people aged 50 and above are being made redundant and this is our way of helping them get back to work.

"They have experience, energy and ideas, the only thing they lack is access to finance and expert advice."

Loans will be arranged of up to £5,000 at an interest rate of six per cent, far lower than the usual commercial rates.

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