What is it?
A scheme to encourage and support local residents to create their own business through providing them with support to produce a business plan and 12 month financial forecast. In addition to this a grant is available on a competitive basis.
Grants are available to a maximum of £5,000 or 1/3 of the total value of any purchase. Applications can only be used to purchase capital items (eg tools and IT equipment) and not revenue items (eg stock and marketing costs).
How do I apply for the grant?
Applications are assessed on a monthly basis.
- Completed application form
- Business plan
- 12 month financial forecast
- 3 quotes for each capital item to be purchased
- Evidence of sufficient existing funding to purchase items
Capital items must not have been purchased prior to approval for receiving the grant.
Applicants must be able to prove they have the total money available to spend prior to grant approval. They can then claim back £5,000 after the grant panel has approved the grant and submitted the necessary evidence.
Following written grant approval the goods must be purchased out right and evidence shown to that effect, before the grant is paid out. Where a grant is awarded, the goods must be purchased and reimbursement must be claimed no later than one month after grant approval.
An application can include costs of VAT which you have to pay but are unable to recover through normal VAT reclaiming procedures. Where your company is not registered for VAT, you should formally declare this.
For further information and an application form call 0845 6787826 or your local Enterprise Coach.
This scheme is part funded by the European Regional Development Fund and co-ordinated by Business Enterprise Support Ltd.