I want to talk about grant funding this week. After a dearth of SME funding over the last few years there really are some good opportunities now as the government does its bit to get and keep the economy moving. But what seemed obvious talking to clients is that not many people know what’s out there.
So I’ve investigated 4 of the most popular grants at the moment and explained them all here for you. Working through the various websites can be something of challenge so I’ve had a good chat with them all as well. You’ll also find a link at the bottom of this blog to a government website that has another 750 funds!
Growth Accelerator
I have to declare up front that I’m a massive fan of this service. I’ve been on Growth Accelerator since about this time last year, and have to say the support and backing of Tim Sutton and my coach Stuart Ross have made a huge difference to my business. And I’ve had access to coaching and training that I just wouldn’t have been able to afford otherwise. I work with lots of companies who are on the scheme and they also have great things to report.
The headlines – what’s it about?
It’s a private sector partnership backed by government designed to help business identify their barriers to growth, their growth potential, and them help them get there.
It’s a combination of coaching, funding for training, and free courses to help you grow your business.
What do you get?
Once your business has been assessed, they assign a coach to you, or you may already have someone in mind you’d like to work with.
You also get £2,000 match funding for Leadership and Management training for EVERY director and senior manager in your business, so it’s a fantastic way to get your management trained up to help you drive your business forward.
If your priority is raising finance then you could join Access to Finance where you’ll get a coach who specialises in getting your business ready to attract funding from whatever source.
AND there are several free workshop that you can attend covering things like growth planning, innovation, intellectual property, sales and marketing, managing people (interestingly no finance!)
How much do you have to pay?
At the start, Pera invoice you for your contribution which depends on the size of your business:
– 0-4 employees £ 600
– 5-49 employees £1,500
– 50-250 employees £3,000
When you do your training, you pay your supplier and then claim your 50% match funding back.
Who’s eligible?
Limited company SME’s who:
- Are determined to grow
- Are UK registered and based in England
- Have less than 250 staff
- Have turnover of less than £40m
Click here for the details (link is external)
How to apply
Get in touch with Tim Sutton Tim.sutton@peraconsulting.com (link sends e-mail) or Coral Wilcox Coral.wilcox@peraconsulting.com (link sends e-mail) who will look after you, or introduce you to the growth manager in your area. Please mention me if you do; I get brownie points for that!
Or click here (link is external) to request a free consultation.
How long does the application process take?
First you’ll have a phone consultation for them to find out about your business and what you want to achieve. Then they’ll get things moving pretty quickly to meet you so they can decide which coach will fit best with you and your business.
Blatant sales plug!
I’m also registered as a Growth Accelerator training provider so if you’d like me to help you in your business or come on a course you can get match funding.
Growth vouchers programme
The headlines – what’s it about?
It’s a £30m government research programme to test how best to help small businesses grow. It’s the biggest research project ever carried out by government.
Vouchers are randomly allocated to around 20,000 businesses but it’s expected the majority of businesses who apply will get them.
What does it cover?
You can use Growth Vouchers to get strategic advice on:
- Managing cashflow, late payments and negotiating finance
- Developing skills and taking on staff
- Improving Leadership and Management
- Marketing, attracting and keeping customers
- Making the most of digital technology
How much can you get?
Up to £2,000 50% match funded.
How much do you have to pay?
50% of the cost
Who’s eligible?
Businesses:
- With 49 or less employees
- Who are registered in England
- Who’ve been trading for at least 1 year
- Who haven’t paid for any strategic business advice in the last 3 years
- Who haven’t had any other public funding, ie other grants in the last 3 years
How to find out if you’re eligible
By applying on line you’ll find out immediately if you’re eligible and how much you’ve got to spend.
How to apply
Apply online here https://www.gov.uk/apply-growth-vouchers (link is external) and completing an online questionnaire, or arranging a face to face meeting with an advisor who can help you asses what you need.
You then find an advisor on the Growth Vouchers Market place, run by Enterprise Nation
When do you get the cash?
Like with the other grants, you need to pay your supplier in full and then claim your grant. Claims should be paid to you within 30 days.
Other stuff you need to know
Check this link (link is external) out for more information.
(I’m also registered as a Growth Voucher provider)
NBV – ERDF Business Grant Project
The first thing to know is this grant is going fast, and once the allocation for each area is full that area is taken off the list. Nottingham and Derby city are already fully allocated.
The headlines – what’s it about?
It’s to help small companies with financial support for things that will help them grow and develop. It can be used for a project which might include more than 1 thing – so for example you might want to get a new website, do some marketing and buy some hardware.
What does it cover?
A really wide range of stuff – so things like website design, upgrading your website, IT equipment and software, equipment needed to run your business, consultancy fees, advertising and marketing.
What doesn’t it cover?
Vehicles, training, accreditations, stock, business running costs, staff or recruitment fees, premises refurb costs. There are also sector restrictions so check these out here (link is external)
How much can you get?
From £500 to £5,000 as 40% of your total project cost.
How much do you have to pay?
This is a 40% scheme, so your contribution would be 60%.
Who’s eligible?
You must be an SME and have less than 250 staff
Be in one of the listed geographical areas: Ashfield, Bassetlaw, Bolsover, Chesterfield, Mansfield, Boston, East Lindsey, Lincoln, Oadby & Wigston and Leicester City (wards include: Castle, Evington, Fosse, Humberstone & Hamilton, Knighton, Rushey Mead, Stoneygate, Westcotes, Western Park
Other areas can also qualify for various other funding streams, so give them a call and they can tell you from your postcode if you qualify for anything.
You must be a B2B business, so no retail I’m afraid.
How to find out if you’re eligible
Give them a call on 0844 887 2568
Dan is the guy to talk to – he sounds like a great chap and has been incredibly helpful to me.
How to apply
They like to do a face to face meeting, so call them first and they’ll tell you if you’re eligible and arrange a meeting.
How long does the application process take?
Once you’ve had your meeting and submitted your application you’ll find out if you’ve got an offer within 2 weeks.
When do you get the cash?
You have to pay your supplier first, and you’ll get the 40% cash back within 30 days.
Other stuff you need to know
You need to get 3 quotes for each thing you want the funding to cover.
You need to get the grant approved before you can start the project.
Here’s the NBV website (link is external) for lots more info.
DNCC Transformational ICT grant
The headlines – what’s it about?
To help businesses put new IT systems in place to improve their performance and help them grow.
The funding is available until June 2015.
It also gives you 2 days free consultancy and access to around 30 different ICT courses and workshops http://bit.ly/1bUXOzj (link is external)
Some other areas also qualify for free business support advice so it’s worth asking.
What does it cover?
This could be software, hardware or website costs.
What doesn’t it cover?
Replacing old IT kit with new.
How much can you get?
Between £2,000 and £10,000 50% match- funded.
How much do you have to pay?
50% of the total cost
Who’s eligible?
- Companies in these areas:
- Derbyshire : Derby City, Bolsover, Chesterfield
Nottinghamshire: Nottingham City, Ashfield, Bassetlaw, Mansfield
Leicestershire: Leicester City, Oadby & Wigston
Lincolnshire: Lincoln City, Boston, East Lindsey
Northamptonshire: Corby
- Who have less than 250 employees
- Who can prove they couldn’t afford the IT improvements otherwise (having chatted this through with them, that’s not difficult to do)
- Who have been trading for at least 12 months
- Not have had more than 200,000 euros in state aid in the last 3 years (ie other grants)
How to find out if you’re eligible
Here’s the postcode checker (link is external)
And more info on the eligibility criteria (link is external)
How to apply
The first thing is to fill in an “expression of interest” which you can get by calling Linda Haslam on 0844 225 1959 or email her on Linda.Haslam@dncc.co.uk (link sends e-mail). She’s really lovely and she’ll talk you through the grant and tell you if it sounds like you qualify.
They’ll aim to turn this around within 7 days. At this point you’d know if your applications was going to be successful.
You’ll then need to do a full application form, which again they try to turn round in 7 days.
How long does the application process take?
The quickest time from application to approval is 4-6 weeks.
When do you get the cash?
As with all these schemes, you’ll need to show you’ve paid your supplier first, then they’ll pay you the 50%.
Other stuff you need to know
You’ll have to
- Clearly demonstrate how their ICT development project will improve your business performance
- Provide a business plan or strategy outlining your ICT project
- Supply up to date financial accounts or most recent management accounts
- Demonstrate the commercial viability of the project
This grant is very popular so processing times may be a bit slower.
Click here (link is external) to find out more about this grant
And for all the other grants this is a useful website (link is external), it lists 750 different schemes – it’s a government grant finder website.
I hope you’ve found something you can consider applying for and know a bit more about grant funding now.