The Property Assistance Scheme (PAS) offers support of ...



SBA Business New Start Grant Guidance Notes

The SBA BNSG Grant offers support of up to 50% of total costs to a maximum of £500 for capital expenditure on business development activities.

The SBA BNSG provides ‘gap’ funding - the minimum finance needed to allow a project to proceed after a business establishes how much it can raise itself and from banks and other lenders.

The retail sector (and others where there is likely to be high displacement of other local business activity) will not be eligible for this grant.

In order for a company to qualify for support through this scheme the following information will be required:

The Inverclyde Business New Start Grant is a Grant of up to £500 which is available to new businesses* based in the Inverclyde area with a 2 year lease if trading from a business premise to assist with general start-up costs. This grant is available for all people aged over 18. These guidelines should be read in conjunction with the attached terms and conditions.*trading up to 6 months

Submission of a Business Plan and monthly cash flow projections will be a requirement of the application process. The applicant will be expected to show evidence of their personal contribution to the business e.g. cash at bank or evidence of start-up expenditure, which should be demonstrated in the funding section of the Business Plan.

The applicant will be expected to be working full-time for the business within 12 months from receipt of the grant

We may visit you and ask for any relevant information required during the early stages of your operation.

Terms & Conditions

The following terms and conditions will apply to any business making an application for the Inverclyde Business New Start Grant.

I.D

You will be required to provide proof of your identity and one of the following documents is acceptable:

Passport

Driving Licence

Birth Certificate (only if photographic ID is not available)

Grant Application

The SBA New Start Grant will be made “to the business” not an individual. Therefore, where there is more than one owner of the business, for example in a partnership or limited company, only one can apply. You will need to provide details of other individuals involved in the business. Only one application for the SBA Business New Start Grant will be considered in any 6 month period.

Business Plan

You must have completed a Business Plan to an acceptable standard and appropriate to the needs of your type of business also attach a CV.

Bank Account

You must open a legitimate business bank account and provide Inverclyde Council with the appropriate details e.g. copy of a bank statement, letter from the bank containing details of the account or a copy of the cheque book or deposit book.

Business Insurance

Copy of the Business Insurance will be required

Proof of Trading

You need to provide “proof of trading” from 0 to 6 months and two of the following documents is acceptable:

Confirmation from your bank that you have opened a business bank account

Confirmation of HMRC registration (UTR number)

A copy of your Company’s House registration

Confirmation of VAT registration

What the grant can be used for

The New Start Grant can be used to buy capital equipment, or as a contribution towards the START-UP costs of the business.

Evidence of grant expenditure

Proof of grant expenditure is required within 12 weeks of receiving an Offer letter:

Evidence Required

Paid Receipts or invoices with Copy of bank statement showing payment of Invoices/Receipts

The SBA New Start Grant is awarded at the Council’s discretion and we reserve the right to withhold approval if the applicant has any debts owing to the Council.

Franchise businesses will be eligible to apply for the SBA New Start grant. They must be ethical franchises and accredited by the British Franchise Association (BFA) – a current list of accredited businesses is available on the BFA website:

Ineligible Businesses

Certain business types are not eligible to apply for the SBA New Start Grant, these include those involved in:

politics;

religion;

Multi level marketing/pyramid selling.

Or any business that may bring Inverclyde Council into disrepute

Individual Eligibility

UK residents and those ‘granted leave to stay’ in the UK are eligible to apply for the SBA New Start Grant. Evidence will be required, for example a passport or letter from the Home Office granting leave to stay.

Recovering the grant

We reserve the right to recover the SBA New Start Grant if any of the conditions above are broken or you cease to trade within 24 months of receiving the SBA New Start Grant.

Monitoring

By accepting the SBA New Start Grant you further agree to the monitoring the progress of your business by Inverclyde Council. This will be in the form of a telephone call, usually at approximately 12 months after the grant offer date.

The business must remain in the Council area for at least 24 months.

Inverclyde Council is committed to sharing good practice and promoting examples of service delivery that meets the needs of communities. The Council reserves the right to use details of the project for publicity of the programme and share information with any parties appointed to monitor and evaluate the effectiveness of this funding.

The Council may be required to make any application or project proposal for Council funding available for public scrutiny under the Freedom of Information (Scotland) Act 2002. The organisation should make the Council aware of any parts of its application or project proposal, which may prejudice its interest if it were made public.

 

This information is required in order to allow Inverclyde Council to assess the application, and consider if the proposed works are likely to help the business towards meeting its development needs and support the economic development aims of the Council.

If successful, the applicant should receive two copies of an offer letter, one of which should be accepted and returned to Economic Development prior the start of any work. Retrospective applications cannot be considered.

Once the works are completed companies are required to provide Paid invoices, receipts and Business Bank Account Statements showing the payments being made etc. associated with the works, and an inspection of the works will be carried out prior to payment release.

For further information please contact:

The Business Development Team, Inverclyde Council, Regeneration & Planning, Municipal Buildings, Clyde Square, Greenock PA15 1LY

businessdevelopment@.uk or on 01475 717171

................
................

In order to avoid copyright disputes, this page is only a partial summary.

Google Online Preview   Download