What could your business do with a grant worth up to £3,000?
Heart of the South West Growth Hub have just announced a new pot of funding available for small and medium sized businesses within Devon, Somerset, Torbay and Plymouth.
The grant funding, worth between £1,000 and £3,000, is designed to support businesses who have suffered during the Coronavirus pandemic.
Available on a first come, first served basis, the grant can only be applied for once, so it’s vital you read on to find out exactly what you need in order to submit a successful application.
What’s it for?
The aim of the grant is to support business in one of two ways:
- Access specialist professional advice such as HR, accountancy support, IT and digital marketing help
- To enable you to buy minor equipment to support the day-to-day running of your business, or set up new technology such as a new website or customer database
How can it benefit my business?
If you know you’ve got a great product or service but feel you’re not shouting about it in the right places (i.e. online) then you should be applying for this grant.
It could enable you to boost your digital presence through a new or improved website, a social media strategy, content management plan and / or a customer database set up.
Now more than ever, small businesses need to adapt to this new climate. As more and more people choose to shop online for the products and services they need, your business must establish its digital presence in order to be found.
Am I eligible?
As with any grant application there is a set of criteria to meet. If you answer yes to all of the below then you are eligible for the Growth Support Kickstart Grant Scheme:
- Is your business within Devon, Plymouth, Torbay or Somerset? If you’re unsure, visit the Government’s local council finder to establish your location.
- Does your business employ less then 25 people?
- Is your annual turnover less than €50 million?
- Have you received less than €20 million in state aid in the past three years?
- If your business is within the tourism sector it should be within a specified list which can be found on page three of the Grant Scheme Information and Guidance.
Applications will NOT be accepted from businesses in the following industries:
- Fisheries and aquaculture
- Processing and marketing of agricultural products
- Schools/school age educational establishments
- Insurance companies
- Primary production, coal or steel, synthetic fibres
What information do I need to apply?
The application will consist of 24 questions, broken down as follows:
Questions 1-12 will cover basic information about your business including your company registration information and VAT information if applicable.
Questions 13-21 will require the following:
- Last recorded annual turnover, as per your business’ most recently audited accounts
- Estimated turnover for this trading period
- Current turnover
- For businesses in the tourism industry: what percentage of your business activity relies upon the visitor economy
- Number of employees
- Number of employees who are currently active
- Number of employees who are fully furloughed or part furloughed
- Number of jobs at risk (if any) prior to receiving support
- Number of jobs to be created as a result of the activity you propose in this application to support your business recovery
Question 22 should detail how your business has experienced hardship as a result of Coronavirus, including:
- A reduction in income due to lost bookings, late payments, increased supplier costs and anything else related
- Have you had to furlough staff?
- Social distancing measures impacting revenue
- Did your business have to close completely under Government guidelines?
Question 23 needs to explain what you are doing to mitigate this impact:
- What steps have you taken?
- Has your business already received financial support elsewhere, such as state aid, business loans or family loans?
- How will the Growth Support Kickstart Grant benefit you?
Question 24 should include a quotation for the services you’ll be accessing with the grant funding. The written quotation should include:
- Name of the supplier / agency plus address and contact information; if this is within an email, the email should have come from the supplier’s business address and contain their contact info within the signature
- A clear breakdown of the service to be provided, along with detailed costings
- Be recently dated
- Confirm that the service on offer can be delivered within 90 days of the grant being approved
How can Seahorse help?
We’ll handle the quote part of your application including a detailed breakdown of exactly what services we’ll be carrying out for you under which part of the grant (i.e. professional advice or new technology).
Additionally, we can provide support with other elements of the application where necessary.
Please note there is no obligation to use Seahorse’s services if a grant is awarded.
What do I do next?
Sign up to our mailing list where we will be notifying you as and when the grant applications are live. If you’re unclear on any information within this post or concerning the application, please don’t hesitate to contact us by calling 07973 719047 or emailing firstname.lastname@example.org