The Falkirk Growth Fund is available to help businesses meet plans for growth and is funded by the UK Shared Prosperity Fund.
The Fund can provide grants from £1,000 up to a maximum of £25,000 (75% of project expenditure, minimum project spend £1,333) to businesses located within the Falkirk Council area.
This fund aims to provide a financial contribution towards business growth projects which will bring economic benefit to the area by way of increased employment and turnover.
Examples of expenditure include:
- Purchase of new equipment, plant and machinery
- Property expansion or improvements
- Development of new products, services and processes (external costs)
- Training relating to an investment and market development (external costs)
- Exhibiting at a trade exhibition (first time attendance ):
- stand costs
- accommodation costs capped at £200 per night and max of 2 people. Number of nights should be in proportion to the length of time of the exhibition
- travel costs capped at standard travel rates and for max of 2 people
- Merchandise – capped at £1,000
The grant cannot be used towards employee wages, vehicles, general purchase of stock or routine maintenance.
If a business has previously received a grant from the Resilience Fund, an application can be made to the Growth Fund providing it is for a separate project and will lead to additional turnover and employment to that supported by the Resilience Fund. For example, if a Resilience Fund was paid for a new piece of machinery which helped to create jobs 8 and 9 in the business, then a Growth Fund application can only support the 10th job onwards.
The business must have a dedicated business bank account (you will be required to provide the account details as part of the application process and this is the account your grant will be paid into if successful).
- Business must be classified as a Small Medium Enterprise (SME) – Less than 250 employees and turnover less than £45 million
- Business must not be in any debt to the council eg Business rate arrears
- The business must be operated on a full time basis
- The business must operate from commercial premises within the Falkirk Council area, for which they either own or there is a signed lease/rental /licence agreement in place
- At the time of submitting the application, the business cannot be in bankruptcy, liquidation or similar
- The business is not a community group, not for profit organisation, voluntary or charitable organisation (except social enterprises).
What evidence do I need to apply for the fund?
You will need a record of the following:
- Trading name of the business
- Number of employees / turnovers
- Proposed expenditure
- Business bank details
- Copy of your lease if you are paying towards Non Domestic Rates for the premises
- Latest set of annual accounts and management accounts
- 2 quotes for each item being purchased
- Overview of business and plans for growth
- Executive summary:
- a brief overview of company proposals including how you plan to grow the business
- describe the investment for which you are seeking funding support and fully explain the impact it will have on the business
- Management and organisation:
- company structure
- the management team
- job titles
- History, business, and products:
- a brief description and history of the business
- a description of the principal products or services
- any proposed future developments
- Market and competition:
- size and location of market – local/ regional/ UK / Overseas
- who are major customers
- who are major competitors
- Executive summary:
More information visit: Business & investment – Grants for businesses | Falkirk Council