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Business Growth Grant Scheme
What is the Business Growth Grant Scheme?
Mansfield District Council is committed to supporting local business development and growth. This scheme will provide grants for businesses with a viable business growth plan that will lead to job creation.
Am I eligible to apply for a grant?
· The grant is available to small and medium sized enterprises (SMEs)* located in Mansfield district area that either:
· Already have a ‘Strategic Business Growth Plan’ in place and require additional funding to take forward.
· Are at the very early planning stages in considering developments to grow the business with no formal plan in place.
In all cases growth plans will need to support the creation of at least two full time equivalent (FTE) jobs.
The council reserves the right to refuse applications in respect of certain types of businesses and where there are other reasons that mean support cannot be provided.
How much grant could I receive?
A grant of up to a maximum of £5,000 is available – being 50% of the total project cost.
What is the criteria and process involved in applying for the grant?
· All applicants to submit an expression of interest form for initial assessment.
· Applicants approved for formal application stage are then required to submit application form along with detailed a business growth plan that amongst other things evidences creation of a minimum of two FTE jobs.
· Applicants will need to demonstrate a need for the grant. They’ll provide evidence of the funding available to support the development proposals including applicant’s financial contribution.
· Grant of up to £5,000 to support the implementation of the growth plan. There is a requirement for a contribution of 50% towards the total cost of pre-agreed items (excluding VAT) e.g. an overall spend of at least £10,000 to obtain the maximum grant of £5,000.
· The application will be subject to an assessment process and all grants and the amount offered are at the discretion of Mansfield District Council and only whilst funds are available.
· In all cases written approval for the grant along with terms and conditions is required before any expenditure incurred i.e. the grant funding is not available on a retrospective basis.
· If the grant application is successful the applicant will be offered continued support through the council’s account management programme.
What can I use the grant for?
The grant can be used towards expenditure on the following:
· In appropriate cases previously agreed costs in developing a viable business growth plan.
· Purposes that support the growth of the business as identified in the plan e.g.
o Product development/enhancement
o Process development
o Development of new markets and routes to market.
o Staff development.
This could involve capital and revenue costs such as:
· Land and buildings, including refurbishment
· Plant, machinery and equipment costs (vehicles are excluded)
· Costs relating to research and development work e.g. product development work including production of proto types, research of new marketing opportunities and development of an action plan.
· Costs associated with staff training to improve skill levels in order to introduce the proposed developments into the business
When is the grant paid?
Applicants must produce evidence that expenditure has been made in respect of items to be funded by the grant by producing the following evidence:
· Receipted invoices
· Certified business bank statements in respect of payments made.
The grant will be paid into the applicant’s business bank account.
NB. All invoices and bank statements must be dated after the grant approval date. Items purchased using cash will not be eligible for grant payment.
· Evidence that at least two full time equivalent jobs to be created within 12 months of grant assistance.
· Mansfield District Council also reserves the right to use your business as a case study in any PR and by accepting this grant you are agreeing to this.
· In accepting this grant you are confirming that your business has not benefitted by more than the State Aid De Minimis limit of grant aid in the past three years of €200,000.
If you believe you have a project that meets the criteria of the scheme and would like to apply, please complete the enclosed expression of interest form and if you have any questions, please contact Paul Topliss at Ashfield & Mansfield Regeneration Service on 01623 463813 or email firstname.lastname@example.org