A £1.5m fund has been launched to help small firms in Bath and across the West of England and their supply chains adapt to the new economic and regulatory landscape.
The Business Growth and Adaptions Grants are aimed at helping small to medium-sized enterprises buy new products and equipment to help increase production and enable growth – with funding of up to £30,000 per business.
Two funding streams are now open for applications – £6,000 to £10,000, and £10,001 to £30,000.
Businesses will need to be able to provide at least 20% match funding and the project they are requesting funding for should support their operations or processes to maintain or increase their turnover.
The grants are part of a £10m Regional Recovery and Adaptions Fund approved by the West of England Combined Authority (WECA) in April.
WECA and Local Enterprise Partnership Chief Executive Patricia Greer said: “This new money from the combined authority will support employers to better equip themselves for growth in the changing business landscape.
“The Business Growth and Adaptions Grant will help small and medium-sized businesses purchase and implement new products and equipment, so they can increase production and drive business growth and expansion – which may lead to more jobs for people in the West of England.
“The funding can also be used to adapt current business operations or bring in new ones.”
All applications will be assessed after the application window closes on 24 August at noon.
For full details, including eligibility criteria and guidance, visit the Business Growth and Adaptions webpage.
Eligibility criteria for the grant
Fund 1 (£6,000 to £10,000). Applicants must:
· Have a registered and/or trading address in the Bath & North East Somerset, Bristol or South Gloucestershire local authority area
· Be able to provide a minimum of 20% match funding for your purchases
· Have traded for at least a year
· Be a sole trader, limited company, limited liability partnership, or a cooperative
· Be a small and medium-sized enterprise – meaning they must not employ more than 249 people.
Fund 2 (£10,001 to £30,000). Applicants must:
· Have a registered and/or trading address in the Bath & North East Somerset, Bristol or South Gloucestershire local authority area
· Be able to provide a minimum of 20% match funding for your purchases
· Have traded for at least three years
· Be a limited company, limited liability partnership, or a cooperative
· Be a small and medium-sized enterprise – meaning they must not employ more than 249 people.
· Provide full submitted accounts which includes the profit & loss statement, balance sheet and notes to the accounts. This must not be the abbreviated accounts and must show the previous year’s figures.
