PWA – GROWTH FUND GRANT SCHEME
There is a new grant available to businesses via their local authority.
For South Cambs this is South Cambs DC and the details are below:
It is a grant so it is not taxable and does not need to be repaid.
One of our clients in the leisure industry has applied on line and received a grant of £15,000 the next day.
If you are existing business the application form is simple and all you need to provide is the last two years accounts. You need to state what you want the grant for which must be related to scaling up your activity post Covid or for growth funding for your business.
The grants says:
We are committed to supporting local businesses, especially through difficult times. Businesses based in our area looking for help to scale and grow can now apply for financial support from our new South Cambridgeshire Growth Fund, funded by the Government’s Additional Restrictions Grant.
The scheme is open to micro and SME applicants from any sector.
They could be pandemic start-ups or established businesses looking to expand.
A one-off grant of between £1,000 to a maximum of £50,000 will be awarded to successful applicants.
- Be South Cambridgeshire based start-ups looking to scale and grow quickly in our region
- Be established South Cambridgeshire companies who can clearly demonstrate ambitious growth plans within our District
- Eligible businesses are sole traders, partnerships and SMEs located in South Cambridgeshire
We want to support businesses that have put growth plans on hold as a result of pandemic restrictions, particularly in sectors that weren’t supported by the Restart Grant scheme. This includes:
- group travel and tour operators
- other tourism businesses (including B&Bs and event industry suppliers)
- English language schools
- freelance and mobile businesses (including caterers, events, hair, beauty and wedding related businesses)
- wraparound care providers
- businesses who can demonstrate a clear commitment to Net Zero and a green approach to their business model
- other businesses that may have not received other grant funding
How to apply
Applicants must complete an eform, clearly demonstrating:
- An innovative and ambitious business plan for growth
- Evidence of how funds would be used
- Where applicable, how any funding received would create jobs and/or training opportunities in South Cambridgeshire
- How funds may be used to address changes in market conditions like consumer habits or new technologies within your sector
- Grants must be used for market-ready initiatives within 12 months of receiving support – timelines must be provided as supporting evidence
- Clear evidence of the applicants’ ability to grow
- Overall benefit to the South Cambridgeshire economy
As part of the application process, applicants must meet the following requirements:
- Businesses that have been trading for more than 2 years must include their last 2 full years of management accounts
- Start-ups must attach their business plan and 3-to-5-year growth forecasts or evidence of current or planned revenue streams, including detail of other funding received or applied for
- All applicants must include up to a supporting statement explaining why they should receive a grant
We have put together a handy guide on how to write a successful application [PDF].
More details of what to include, and which businesses aren’t eligible for the scheme, are included in our policy document. [PDF]