Warwickshire County Council have recently launched a further round of Grant Funding, as part of their “Small Grants Programme” there is up to £600,000 available to small enterprises across Warwickshire over the next 2 years.
The funding is part of a £2 million package of business loans and grants agreed by the County Council to support Warwickshire’s businesses.
Micro and small enterprises can apply. A micro-enterprise is defined as an enterprise with fewer than 10 employees whose annual turnover OR balance sheet does not exceed €2 million (about £1.6 million). Relationships with other enterprises are also taken into account when determining whether or not you meet these criteria. A small business is defined as a business with fewer than 50 employees whose annual turnover OR balance sheet does not exceed €10 million (about £7.9 million). Again, relationships with other enterprises are also taken into account.
Applicants must also be able to demonstrate significant growth potential. This is defined as an existing business seeking to increase turnover by 20% over the next three years or a new start-up forecasting to employ three more staff or generate £300,000 annual turnover within three years.
Particular priority will be given to applications from businesses in the following priority sectors for Warwickshire:
- Advanced manufacturing and engineering;
- Creative industries;
- Digital media and gaming;
- Intelligent transport systems;
- Low carbon technologies;
- Professional services;
- Tourism and culture.
The scheme will provide support for eligible projects requesting between £5,000 and up to £35,000 of grant.
Grant support up to a maximum of 40% of the total eligible costs is available. Match funding must be cash (rather than ‘in kind’) and from private sector sources.
The scheme can only support capital costs. It is designed to help micro and small businesses put in place the full funding package needed for capital investments that will diversify or modernise their operations, leading to economic growth. Grants are only available towards the costs of tangible capital assets including:
- The refurbishment or extension of property;
- The purchase of new equipment and machinery (including finance leases with an obligation to buy);
- Architect, engineer or consultant fees for the project (up to 15% of the project’s total costs);
- The purchase of dedicated computer software including development costs where they are directly attributable to bringing a computer system or other computer-operated machinery into working condition.
Grants are not available towards the costs of buying land or property.
More information and details of the application process can be found on the Warwickshire County Council website. Any businesses looking for grant funding or seeking help with business planning and financial forecasting should call your local Burgis & Bullock office on 0845 177 5500 or use our on-line contact form where a member of our team will be able to help you.