Start and Grow Scheme
This new funded support scheme is especially for new pre-start and start-up businesses whether in the planning process or initial set-up. Funding is available through the Start and Grow Scheme is to help businesses find their feet and give them the vital support they need in the first few years of setting up.
Support is available for:
- Partnerships or a business that employs someone from the word go ie. 1+1 (FTE).
- The business / owner must bring at least £5,000 start-up investment (ie. Loan, cash, stock, machinery etc).
- The business must be able to show the potential for growth – ie. Survive 3 years and bring additional investment to the business over that 3 years to the value of £17,500.
- The client or the business must be in the Regional Growth Fund (RGF) Area.
- The scheme is ideal for clients looking to raise Start Up Funding via CDFI.
All applications must be approved by the Start and Grow Funders. Once a business has been approved you’ll be allocated a Start and Grow adviser such as Janet here at Social Progress Ltd, who will be able to provide support and give direction to get your business off to a flying start.
The Start and Grow Scheme is to help fund business support for the setting up and initial running of a new business. An application must be made and agreed before issuing the first invoice* is sent out by the new business.
Once approved, the funding could cover planning and set up support (ie. Setting up; an action plan, business plan, marketing plan, sales forecast etc) as well as any advice to benefit the company directly (ie. Social media coaching, business advice, financial coaching, management development, project management, direction and business advice etc). The scheme offers a minimum of 6 hours of support.
So, what’s the nitty gritty?
Below is a breakdown of what is required once approved eligibility for the Start and Grow Scheme:
- Live in or trade in a RGF Area (see image).
- Initially invested a minimum of £5,000 of finance into the business and bring additional investment to the business over the 3 years to the value of £17,500.
- Have a Business Plan / Action Plan (or use part of the funding to produce one)
- Agreement from Start and Grow Funders for the client to onto the programme.
- Signed agreement from client fully completed with agency (Janet, Social Progress Ltd) and client details.
- Start declaration – supported by First Certified Sales invoice / certified copy of bank statement evidencing receipt.
- Start must be evidenced – Companies House Reg. No. (Ltd Co or Partnerships) / PAYE or VAT Registration No / Self-Assessment HMRC UTR No.
- Business must start and obtain at least 1 Full time job / employee with a vision to grow the team.
- Job evidenced – extract of anonymised pay roll (Sage etc) copy of employee contract.
- Return the necessary paperwork and info to the scheme in a timely manner
This is a lot of words on a page (have you fallen asleep yet?) and we’d much prefer to chat with you than write at you!
So, if you are interested in finding out more and want to check that your business sector is covered by the scheme, do drop us an email at email@example.com or call on 01484 506336 to discuss your requirements.
* If you have only just sent out your first invoice(s) within the last month or so do still get in touch as you may still be eligible for the scheme – so don’t write it off until you’ve asked the question! We don’t want anyone to miss out!