The Fund provides financial assistance to help businesses meet specific business growth objectives. It can support capital expenditure (including IT), property expansion/improvements, exhibiting at a national trade show or the costs of developing innovative products or processes. The fund can provide up to 50% of eligible costs, up to a maximum contribution of £5,000. The purchase of furniture and consumables, and routine property maintenance are not eligible for support.
All payments for approved expenditure must be made through the business bank account and supported by invoices from suppliers. The grant is paid after the payments have been made.
The Fund is open to sole traders, partnerships, limited liability partnerships and limited companies that:
- operate from commercial premises within the Renfrewshire Council area, for which there is a signed lease/rental /licence agreement in place , and
- are working with a Business Gateway Adviser, and
- have a business bank account, and
- are small or medium sized – employing fewer than 250, an annual turnover of less than €50m or balance sheet assets of less than the €43m, and no more than 25% of share capital owned by a large company/public body
The Fund is not open to retail businesses (unless serving a niche market which will not adversely affect other retailers in the area) and businesses in the following sectors; the sex industry, politics, religion, nude or semi nude modelling or photography, gambling, multi level marketing/pyramid selling.
Applications will only be considered from full-time business. A completed Application Form should be submitted, together with an up to date business plan and at least two years financial forecasts (profit & loss, balance sheet and cash flow) to demonstrate the growth potential. Most recent annual accounts (if applicable) and up to date management accounts will also be required.
Upon receipt of an application a Council officer will contact the applicant to arrange a meeting to appraise the application. A decision will be made shortly after this meeting and, if successful, a formal offer of grant will be made.
Terms and Conditions
Specific terms and conditions will be detailed in a formal offer.