- Broxtowe Start-Up Grant
Broxtowe Start-Up Grant
What is the Broxtowe Business Start-Up Grant Scheme?
Broxtowe Borough Council has recently approved the Business Start-Up Grant scheme for individuals looking to start a business in the Borough. The grant aims to encourage entrepreneurial thinking in Broxtowe.
How much grant funding is available to businesses?
- The minimum grant award is £200 and the maximum grant award is £1,000
- A contribution of 50% of the project cost is required to obtain funding for pre-agreed items (excluding VAT). I.e. overall spend of £2,000 to obtain the maximum award of £1,000
Who is eligible to apply?
Businesses that are registered within the borough that are either pre-trading or have been trading for less than 6 months are eligible to apply for this grant. Your business however must be registered. This can take the legal form of sole trader, partnership, limited company or social enterprise/CIC (Community Interest Company).
Broxtowe Borough Council reserves the right to refuse applications in respect of certain types of businesses and where there are other reasons that mean support cannot be provided. This is something that can be discussed at the inquiry stage.
What is the application process?
- Applicants will need to submit an application form including business plan and cash flow forecast for the next 12 months to Broxtowe Borough Council Economic Development team (contact details below).
- It is advised to gain support through My Incubator Ventures or Nottingham Business Venture in writing business plans and cash flow forecasts for when starting up
- Applicants will be required to provide information on resources alongside the grant which will contribute to starting and initial costs.
- Once all of the relevant documents and information has been received, the grant will be subject to an assessment process. This will involve applications being considered by a panel of local business people and Councillors from across Broxtowe.
- All grants awarded are subject to Broxtowe Borough Council’s approval and only whilst funds are available.
- Once a decision has been made the applicant will be notified in writing as to the outcome.
- In all cases applicants should receive written approval for the grant along with terms and conditions before any items/equipment is purchased.
N.B. If the applicant is successful in obtaining the grant, the business must remain trading within the Borough for 12 months from receiving the grant into their business bank account. With failure to comply resulting in paybacks to Broxtowe Borough Council.
What can I use the grant for?
The grant can be used for expenditure on the following:
- Capital assets such as plant, equipment or machinery.
- Office equipment, furniture and the purchase and installation of computer systems.
- Security equipment and installation.
- Shop fitting and improvements to shop fronts, including refurbishment to interior.
- Advertising and marketing costs including website design.
- Business stationery.
The grant cannot be used for:
- Running costs such as; rental costs of units and associated bills.
- Business rates for premises or applicants for planning permission.
- Stock and consumables.
N.B – In respect of expenditure for building works, Broxtowe Borough Council would require documentation for proof of planning permission.
When and how is it paid?
The grant is paid into the business bank account via a BACS transfer once items below are completed and formal.
- Council has received a copy of invoices for items claimed.
- Bank statements with money being paid out of bank account.
N.B – Nothing can be claimed through cash purchases.
For more information and to get an application form please contact our Economic Development Team.