To help meet the Council’s priority of ‘Encouraging Local Enterprise’, East Staffordshire Borough Council has agreed to launch a two year business development funding scheme.
The new Business Development Fund will be aimed at local small and medium sized businesses located in Burton on Trent and East Staffordshire who wish to grow and expand their business and local entrepreneurs who need some financial support to make their business idea a reality.
The key aim of the Business Development Fund is to support the East Staffordshire economy by providing targeted financial assistance to help local companies and entrepreneurs.
One of the key challenges facing local businesses in the current economic climate is accessing the necessary finance to fund investment and growth plans, whether this be through bank loans, equity or personal funds. This is a particular problem for entrepreneurs who wish to start up a new business venture, who can often struggle to attract finance at a commercially attractive interest rate or even be offered finance at all.
The objectives of the fund will be to help local businesses address these challenges by providing access to much needed finance and enable them to realise ambitious growth and investment plans, thereby creating new employment opportunities for local people.
Existing small and medium sized business will be able to apply for a grant of up to 50% of total eligible project costs with a maximum grant totalling £10,000. For new start up companies that have been trading for less than twelve months, a slightly lower maximum grant of up to £5,000 is available, although a grant rate of up to 50% would still be available.
The Business Development Fund was approved by the Council’s Cabinet on 10th June and will be open for business during June. The Fund will be open until the available funding is fully allocated or March 2015, whichever is sooner.
Councillor Richard Grosvenor, Leader of the Council, said: “East Staffordshire Borough Council is making a significant investment in the local economy by supporting businesses to allow them to grow and prosper.
“This investment will allow the local economy to grow, provide local small to medium enterprises with an opportunity to deliver their business plans, create new jobs and invest in the local area.”
There will be a simple two stage application process. The first stage will require businesses complete an application form to summarise their project, set out how much funding is required for their business project and how many jobs will be created. The second stage will involve the business presenting their proposal to an ‘Investment Panel’ consisting of Council and business representatives. More details of the application process can be found on www.eaststaffsbc.gov.uk
Businesses are encouraged to contact the Economic Regeneration team on 01283 508625 or 508893 to find out more about the Business Development Fund and to identify whether their business is eligible for support.
