News article
New Anglia LEP Micro Grant Scheme
10/06/2017
A scheme to assist with the growth and expansion of a business, introduction of a product or service that is new to a business, a measurable improvement in productivity, a measurable improvement in efficiency, and the creation of jobs by sole-traders
Objectives of Fund
The scheme aims to assist with the following:
- Growth and expansion of the business.
- Introduction of a product or service that is new to the business.
- A measurable improvement in productivity.
- A measurable improvement in efficiency.
- Creation of jobs.
Value Notes
The Micro Grant Scheme offers grants between £1,000 and £10,000.
Micro, Small and Medium sized businesses may apply for a grant of up to 20% of the total cost of their plans, and be used to leverage funding from private finance, such as banks and other financial organisations. Businesses based in an Assisted Area in either Norfolk or Suffolk may be eligible for additional 10% of funding.
Match Funding Restrictions
Applicants should provide the remainder of project costs from alternative sources.
Who Can Apply
The Micro Grant Scheme may support Micro, Small and Medium sized businesses (SMEs) in Norfolk or Suffolk.
Applicants may be sole-traders, partnerships, limited companies, social enterprises, not-for-profit businesses and charities, as long as they are engaged in an economic activity.
The Micro Grant Scheme supports both growing and expanding businesses wanting to continue their expansion and new businesses with a potential to grow. Applicants must be able to demonstrate that their business is viable, has good growth potential and will be self-sustaining in the long term.
Applicants will be expected to demonstrate why they require a grant, what difference it will make to their business, this will form part of the assessment process.
The Micro Grant Scheme will only support well considered proposals which lead directly to and are essential to business growth and efficiency.
Restrictions
Businesses in the primary agriculture (including processing and marketing of agricultural products) and horticulture, fisheries, aquaculture, forestry, coal, steel, shipbuilding, synthetic fibres, retail (including post offices), care sectors, health and medical services, education, transport, financial and insurance activities, hairdressers, estate and employment agencies are not eligible.
Funding from UK Government or local authority grant programmes, EU funding, National Lottery, other New Anglia funds, programmes or initiatives, are not eligible.
Future cashflow or profits, or “in-kind” support (public or private) which does not represent actual funds are also not eligible.
Costs which are not directly related to the proposal, eg routine repair, maintenance etc are not eligible.
The scheme cannot support businesses whose balance sheet indicates recent or present trading difficulties (a definition will be provided by a Business Growth Adviser from the Growth Hub).
Grants cannot be used to support proposals where other funding appears to be available or where the proposal would proceed regardless.
Eligible Expenditure
Eligible costs are as follows:
- Premises (construction, purchase, extension, improvement).
- Fixtures and fittings, furniture.
- Plant and equipment, machinery and tooling.
- IT Equipment, software and licences.
- Professional (legal, planning, architectural) fees.
- Creation of a new website related to the proposal (eg, to launch a new product or service).
- Marketing cost.
- Consultancy services (provided by an external consultant).
- Costs for participation in fairs/trade shows (including costs for renting, setting up and running a stand for participation in a fair or exhibition).
Employee Notes
1-249
How To Apply
Deadline(s):
There are no formal deadlines for grant applications, which can be submitted at any time.
Useful information:
Applicants wishing to apply for a Micro Grant should first contact the New Anglia Growth Hub. A Business Growth Adviser will arrange a meeting to discuss the proposal with the applicant.
If the proposal meets the eligibility criteria of the Scheme, a Business Growth Adviser will provide the applicant with an Application Form and help them to complete the document. Handwritten forms will not be accepted.
A hard copy of the completed Application Form, signed in accordance with normal signing arrangements, ie the usual number of owners, directors or shareholders, along with supporting documents, must be provided to the Growth Hub. Applicants may send the documents to the Growth Hub electronically in the first instance.