Growth New Start Fund – Guidance
The Fund can provide assistance of up to £500 towards the start-up costs of new businesses that are able to demonstrate growth potential. The grant can support the costs of commercial rent, IT or website development, but cannot be used for wages or stock. All purchases must be made through a business bank account and supported by invoices from suppliers. The grant is paid after the purchases have been made and the payments to suppliers have been evidenced.
The Fund is open to sole traders, partnerships, limited liability partnerships and limited companies that:
- have been trading for no more than 12 months, and
- operate the business from the Renfrewshire Council area, and
- are working with a Business Gateway Adviser, and
- have the potential to achieve a minimum annual turnover of £100k within three years of trading and employ at least one full time member of staff within that period, and
- have a business bank account,
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, supported by an up to date business plan, at least two years financial forecasts (profit and loss, balance sheet and cash flow forecast) to demonstrate the growth potential and quotes for the intended expenditure. Upon receipt of the required information 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 any formal offer.