Hi, I'd like to bring the following to your attention. It was news to me.
The UK government launched a pandemic grant fund for SME companies back in late 2021. This is not the same as the furlough scheme. An overview can be found below:
https://www.local.gov.uk/our-support/financial-resilience-and-economic-recovery/economic-growth-support-hub
It looks as though responsibility for disbursing funds was given to local councils. They all seem to have set their own eligibility criteria, grant amounts and closing dates. There's no common name for these grants either. Some councils call them 'Recovery Grants', others 'Growth Grants' or 'Business Recovery and Growth Fund'. Some councils seem prejudiced against 1-man companies trading from a residential address, others don't care judging by their acceptance criteria. Bit of a lottery. To give you an idea, here a some links to different council schemes:
• https://www.westlancs.gov.uk/businessgrants
• https://www.southlanarkshire.gov.uk/..._growth_grants
• https://www.northlanarkshire.gov.uk/...nd-growth-fund
• https://cerecoveryandgrowth.org.uk/
The main point is, these are grants and not loans. In my county, the maximum grant was 25K, with the first 10K reimbursed retrospectively at 100%, the remainder (15K) reimbursed at 50%. So for a full claim, you'd receive 17.5K. My council didn't seem that bothered by the amount claimed provided it was below the upper threshold of 25K.
These grants are awarded if you can convince the council your expenditure will contribute to the growth of your limited company following pandemic disruption. The application process in my case was online. I had to answer 9 questions and offer up a paragraph on each to explain what the grant would be spent on, why it was needed and how it would lead to growth. You'll also be asked for a business plan. Mine was one page long. If you're a small company there's no need to turn it into War and Peace.
Needless to say, if your shopping list contains items like widescreen monitors, mice and keyboards it's going to be more difficult to write the business case. I found this out the hard way while in dialogue with the scheme operator for my council. Big ticket CAPEX items seemed to attract less attention than the smaller stuff. The guidance I received from the operator stressed the importance of phrases like 'new revenue streams', 'business growth' and 'efficiency' in any written responses. Anything that allows you to work remotely is a plus.
Your Ltd. Co. trading address has to be within the boundary of your council area for you to qualify. My Ltd. Co. registered address (as listed at Companies House) is at my accountants (different county), but my trading address is my home address. I believe this to be quite common for contracting. Proving your trading address can be achieved with the address on bank statements, and your VAT registration. My accountant offered to write a letter confirming the same, but it wasn't needed.
I think some of the schemes have now closed, but in Cheshire the scheme is still open until February 2022. You'll have to search your own council website to see what's on offer in your ward. There are other schemes, but these seem aimed at the hospitality sector. Even if the scheme in your area has closed, keep an eye out for changes. This pandemic is far from over and your council may re-start the scheme at a later date.
Best of Luck.
The UK government launched a pandemic grant fund for SME companies back in late 2021. This is not the same as the furlough scheme. An overview can be found below:
https://www.local.gov.uk/our-support/financial-resilience-and-economic-recovery/economic-growth-support-hub
It looks as though responsibility for disbursing funds was given to local councils. They all seem to have set their own eligibility criteria, grant amounts and closing dates. There's no common name for these grants either. Some councils call them 'Recovery Grants', others 'Growth Grants' or 'Business Recovery and Growth Fund'. Some councils seem prejudiced against 1-man companies trading from a residential address, others don't care judging by their acceptance criteria. Bit of a lottery. To give you an idea, here a some links to different council schemes:
• https://www.westlancs.gov.uk/businessgrants
• https://www.southlanarkshire.gov.uk/..._growth_grants
• https://www.northlanarkshire.gov.uk/...nd-growth-fund
• https://cerecoveryandgrowth.org.uk/
The main point is, these are grants and not loans. In my county, the maximum grant was 25K, with the first 10K reimbursed retrospectively at 100%, the remainder (15K) reimbursed at 50%. So for a full claim, you'd receive 17.5K. My council didn't seem that bothered by the amount claimed provided it was below the upper threshold of 25K.
These grants are awarded if you can convince the council your expenditure will contribute to the growth of your limited company following pandemic disruption. The application process in my case was online. I had to answer 9 questions and offer up a paragraph on each to explain what the grant would be spent on, why it was needed and how it would lead to growth. You'll also be asked for a business plan. Mine was one page long. If you're a small company there's no need to turn it into War and Peace.
Needless to say, if your shopping list contains items like widescreen monitors, mice and keyboards it's going to be more difficult to write the business case. I found this out the hard way while in dialogue with the scheme operator for my council. Big ticket CAPEX items seemed to attract less attention than the smaller stuff. The guidance I received from the operator stressed the importance of phrases like 'new revenue streams', 'business growth' and 'efficiency' in any written responses. Anything that allows you to work remotely is a plus.
Your Ltd. Co. trading address has to be within the boundary of your council area for you to qualify. My Ltd. Co. registered address (as listed at Companies House) is at my accountants (different county), but my trading address is my home address. I believe this to be quite common for contracting. Proving your trading address can be achieved with the address on bank statements, and your VAT registration. My accountant offered to write a letter confirming the same, but it wasn't needed.
I think some of the schemes have now closed, but in Cheshire the scheme is still open until February 2022. You'll have to search your own council website to see what's on offer in your ward. There are other schemes, but these seem aimed at the hospitality sector. Even if the scheme in your area has closed, keep an eye out for changes. This pandemic is far from over and your council may re-start the scheme at a later date.
Best of Luck.
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