7th September 2023 Posted by - Alexander Accountancy
Boosting Business Programme
East Staffordshire Borough Council is delighted to announce a further £100,000 investment to support new and growing local businesses, building on the success of previous years’ business funding. This is just part of the UK Shared Prosperity Fund investment for supporting local businesses in East Staffordshire, which totals £770,000 up to March 2025.
Last year’s funding saw 15 successful new and existing businesses receive grant funding, which resulted in an additional £272,174 investment from the private sector.
Re-launching the scheme this year, as the Boosting Business Programme, it is designed to help local businesses grow and flourish, supporting them to achieve their ambitions whilst stimulating the local economy.
New businesses can apply for funding between £500 and £5,000, with existing businesses able to apply for up to £10,000, which must be matched by the business’ own funding.
The scheme is operated on a first-come, first-serve basis and following the success of previous years the Council is predicting an equally high level of interest for this new round. Businesses are, therefore, being urged to get their applications in early to avoid disappointment.
Guidance can be found on the council’s website along with an online application form.
Brief details are as follows
Who can apply?
The fund will provide direct financial assistance (in the form of grants) to:
- SMEs located within the Borough of East Staffordshire that have been trading for more than 12 months and have ambitious plans to grow and expand their workforce.
- Individuals wishing to start up a new business in East Staffordshire or new start-up businesses that have been trading for less than 12 months.
- For individuals claiming universal credit wishing to apply for business funding; their application will need to be supported by a ward councillor along with meeting the criteria set out within this guidance document for new businesses.
The business must be an SME, i.e. has between 1-249 employees, an annual turnover less than £42m and a balance sheet of less than £36m.
The business should be profit-seeking. Consideration will be given to applications from social enterprises, however they must demonstrate that they are growing and expanding and can fulfil one / some key objectives of the programme (create or safeguard jobs, have a positive impact on the local community).
The business’s premises must, or will be going to, pay its business rates to East Staffordshire Borough Council. If it is a new business, the business owner must permanently reside within East Staffordshire.
What will the ESBC Boosting Business Programme support?
The scheme offers capital and revenue grant support to support new and existing SMEs business expansion and development plans. The intention is that the grant helps with business growth and therefore will not help with general running costs of the business.
Examples of eligible expenditure include:
- ICT equipment e.g. servers, monitors.
- Laptops (For new business only)
- Web development
- Office equipment e.g. furniture, whiteboards
- New technology to support product and process development and/or innovation
- Fit out of new premises or current premises
- Relocation costs
- Marketing/branding i.e. signage, display boards, leaflets, flyers, posters, stationery, telemarketing
- Purchase of business data
- Design of artwork
- Equipment hire for an exhibition
- Exhibition stand items
- Retail – shop fittings, counters, display stands, lighting, mirrors, racking, tills, flooring etc.
For full details click/tap the following link
https://www.eaststaffsbc.gov.uk/business/business-support-and-advice/boosting-business-programme
