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What is the Vacant Shops Grant Scheme?
Mansfield District Council has recently approved an ‘Economic Stimulus Fund’ and part of the fund will provide grants for businesses moving into vacant shops.
Am I eligible for a grant?
· The grant is available to independent retailers* taking occupation of a property which has been vacant for at least three months.
· Premises must be located in the Mansfield district and applicants will be required to demonstrate a need for funding to enable their project to proceed.
· As a consequence any items purchased or work undertaken before grant approval is awarded will not be eligible for funding. This scheme is available to both new and existing retail businesses**
*a single retail outlet, or a chain of two or three stores managed and owned by either a Sole Trader, Partnership or Limited Company
**exclusions apply including betting, fire arms, vapours and sex shops
How much grant could I receive?
· A grant of up to a maximum of £4,000 per vacant property could be available and this would be paid in four equal quarterly instalments.
· A contribution of 50% towards the total cost of pre-agreed items (excluding VAT) will be awarded.
What is the criteria involved in applying for the grant?
· In all cases applicants need to apply for the grant by submitting an application form and obtain a written approval before any work is undertaken or items/equipment purchased.
· Applications will need to be supported by:
· Business Plan
· 12 month Cash Flow Forecast
· Price quotes in appropriate cases (3 written quotes for any single item costing over £2,000)
· Copy of latest accounts (existing businesses only)
· Any necessary planning permission and/or building regulations approval***
What can I use the grant for?
The grant can be used for Capital and Revenue expenditure (or a mixture of both)
· Improvement to premises
· Fixtures & fittings
· Rental payments
· Insurance premiums
· Advertising/marketing costs
Please note that all grants and the amount offered are at the discretion of Mansfield District Council and only whilst funds are available.
When is the grant paid?
Applicants must produce evidence by way of receipted invoices and certified business bank statements that eligible expenditure has been made before the grant is paid. All invoices and bank statements must be dated after the grant approval date. Items purchased using cash will not be eligible for grant payment.
If you believe you have a project that meets the criteria of the scheme and would like to apply then please contact Caroline Lomas at the Ashfield & Mansfield Regeneration Service on (01623) 463174 or e-mail email@example.com