Welcome to the New Grants and Finance Newsletter

June 24, 2016 4:12 pm

Invest Ashfield & Mansfield is pleased to announce a new monthly newsletter on business grants and other finance options. Published at the end of each month, this replaces our general newsletter from June 2016.

Invest Ashfield & Mansfield - The area for growth

Following requests for more targeted help and information about business grants and other finance open to businesses, our new newsletter not only includes details on our own grants but also details on those offered by others.

Here’s a few highlights for June 2016:

  • The Nottinghamshire Economic Development Capital Fund has opened to applications for capital growth projects, creating new jobs. An allocation of £2m has been put aside for this round. So far, the fund has supported businesses to improve their premises, move into new premises and purchase new machinery. The closing date for round 3 is 4pm on Monday 25th July 2016.
  • Capital Grants schemes – See our new quick and easy guide to the various schemes around and which one best suits your business growth aspirations.
  • Innovation and R&D – £15m through Innovate UK for innovative R&D projects and a £20m innovation fund supporting small businesses through local universities.
  • NBV offers a £10k prize for start-ups and grants of between £1,000 and £2,500 for existing businesses.

To get all the news on grants & finance, subscribe to our newsletters, selecting the general topic. The next newsletter will be circulated on 25 July.

Here’s a quick rundown of what we currently offer:

Apprenticeship Grant for Employers

Across Ashfield and Mansfield, we offer a grant of up to £1,500 towards the cost of taking on a new apprentice. This is in addition to the National Apprenticeship Service’s AGE grant of £1,500.  To be eligible the business needs to be located in either Ashfield or Mansfield and employ fewer than 250 staff.  The post itself needs to be a newly created position with the apprentice being aged between 16 and 24 and from either Ashfield or Mansfield.

Ever considered recruiting a graduate on your team?

Graduates bring with them fresh ideas and new skills. And what’s more, in today’s fast moving world, they are often at the forefront of the new technologies and developments that help businesses get ahead of the competition. Did you know that we have a placement programme that gives local businesses the chance to snap up highly skilled graduates? The scheme provides support and subsidised costs.

Funded by Nottinghamshire County Council, this scheme is open to graduates who either live within Nottinghamshire or attended Sixth Form at a school or FE College in the county. If you can provide a graduate with a structured 12 week placement that will benefit your company, we’d love to hear from you.

Ashfield Retail Improvement Grant Scheme

  • Maximum grant £5,000
  • 50% customer contribution towards total costs of agreed items
  • Mentoring support from a business advisor

The scheme encourages a high standard of improvements to buildings in retail areas in Ashfield and is available to existing and new retailers who would like to improve their existing businesses premises or a vacant unit which they are moving into.

A further grant scheme, offering grants of up to £1,500, is also available to provide support to new start market traders moving into the Idlewells Indoor Market or up to £500 for new start traders looking to locate to the outdoor markets in Sutton-in-Ashfield; Kirkby-in-Ashfield or Hucknall.

MDC Business Start-Up Grant

  • Maximum grant £1,000
  • 50% customer contribution towards total costs of agreed items
  • Funding for capital expenditure (excluding vehicles) & business stationery/advertising

This grant cannot be applied for retrospectively and is targeted at individuals looking to start a business. The grant application must be supported by a business plan and related financial information.  The applicant must demonstrate sufficient resources (with the grant) to cover start-up and initial running costs.  Successful applicants must agree to remain trading within the district for 12 months.

MDC Business Growth Grant

  • Maximum grant £5,000.
  • 50% customer contribution towards total costs of agreed items.
  • Funding for capital and revenue costs, e.g. land/buildings including refurbishment, machinery, R&D work, staff training linked to growth project.

This grant cannot be applied for retrospectively and is targeted at SMEs with a ‘Strategic Growth Plan’ or in the early planning stages for growth of business. Applications should include a detailed growth plan, evidencing creation of minimum of 1 FTE job and demonstrating the need for the grant.

MDC Vacant Shops Grant

  • Maximum grant £4,000, payable in 4 quarterly instalments over 12 months.
  • 50% customer contribution towards total costs agreed items.
  • Funding can be used for capital and revenue expenditure, e.g. premises improvement, fixtures & fittings, rent, insurance premiums, advertising/marketing costs.

This grant cannot be applied for retrospectively and is targeted at independent retailers (single retail outlet or chain of up to 3 stores). New or existing retailers are eligible but certain exclusions apply.  The shop needs to have been vacant for at least 3 months.  The grant application must be supported by a business plan including financial information and confirmation that planning permission/building regulations are not required or evidence that permissions have been obtained.

MDC Shop Front Improvements Grant

  • Maximum grant of £5,000.
  • 50% customer contribution towards total cost agreed items.
  • Funding towards costs of replacing, improving or repairing shop front.

This grant cannot be applied for retrospectively and is targeted at independent retailers (single retail outlet or chain of up to 3 stores). The grant application must be supported by a business plan including financial information, clearly demonstrating the need for funding and confirmation that planning permission/building regulations are not required or evidence that permissions have been obtained.

For all grants offered through Invest Ashfield & Mansfield, all amounts are quoted exclusive of VAT. For items purchased in excess of £2K, 3 written quotes are required.  All grants are paid in arrears upon evidence of the necessary expenditure.

There is further information on our dedicated web page about other grants that could be available to local businesses.  Contact us to find out more or register your interest.

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29.06.17

CITB: Monthly drop-in employer surgeries

The Construction Industry Training Board is offering the opportunity to local construction companies to meet with their CITB Advisor. Two dates available: 29 June and 27 July.

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