Finance information for Exmoor Businesses

Finance

Somerset Business Support Group - Growth Accelerator Fund

Grants are being made available to Somerset SME businesses (Small and Medium Size Businesses of up to 250 employees) to support the growth of eligible organisations to help drive economic recovery post Covid and support Somerset’s ambition to become net zero by 2030.

Applicants can apply for:

  • Grants of between £25,000 and £50,000 with the applicant expected to match fund 25% of the project costs
  • A few grants will be made available in the region of £100,000 for exceptional cases where the applicant can demonstrate the activity will be transformative and act as catalyst for growth, with the applicant expected to match fund 50% of the project.

The funding scheme has the following key themes:

1.       Business Growth – Generate rapid business growth and additional high value employment opportunities within growth sectors that will contribute to the priorities and outcomes of Somerset’s Growth and Recovery Plan

2.      Business Resilience – Increase long-term sustainability and business resilience against the impacts of COVID and climate change through development of new products or innovation, entering/adapting to new markets or working practises and diversification and increased efficiencies.

3.      Capacity Building – investment in training, development and upskilling including apprenticeships, graduate jobs and T level qualifications within activity and future business planning.

4.      Wider Economic Benefit – Providing a wider benefit to Somerset’s economy and other businesses including using local supply chains and purchasing plans, local recruitment and peer mentoring

5.      Low Carbon Economy – Decarbonisation of business practice, process and supply chains, introduction of new technologies, work practices and cultural change supporting Somerset’s response to the climate emergency and a commitment to Somerset’s 2030 Net Zero target.

To be eligible applicants must:

  • Be a small or medium sized businesses or social enterprise based in Somerset
  • Be an established, financially viable business with 2 to 3 years of financial accounts, available on request
  • Be able to evidence potential for rapid business growth, benefit to the wider Somerset economy and a commitment to low carbon business practices
  • For the larger grants, in the region of £100k, applicants must clearly demonstrate they are part of Somerset’s key economic priority sectors and that the activity will deliver significant wider economic and environmental benefits contributing to Somerset’s Recovery and Growth Plan and Climate Emergency Strategy priorities and outcomes

For grants between £25k – £50k there will be a 2-stage process:

1.       Expression of Interest – including basic organisation details and an overview of proposed project activity, costs and timescales to confirm eligibility

2.      Full Application and supporting evidence – including detailed project activity, milestones, outputs and expected expenditure

For grants in the region of £100k there will be a third stage:

3.      Discussion and/or presentation of project plan to a Board of relevant stakeholders who will recommend and advise on the project activity

Applicants applying for grants in the region of £100k grants are advised to contact acceleratorfund@somerset.gov.uk in the first instance to arrange a discussion of their project plan.

The Environmental Futures and Big Data Impact Lab

The Impact Lab provides deep technical assistance to Devon SMEs that have a big data and/or environmental future opportunity to address in order to grow to the next level. This is achieved through a substantial package of fully funded support which will be tailored to the need of your business and project.

Prince’s Trust Enterprise Programme

The Prince’s Trust work with 18 to 30-year-olds to turn big ideas into a business reality through their Enterprise programme. From training and mentoring support to funding and resources, they’re with you every step of the way.

Start Up Loans - Small Business

A government funded scheme to provide advice, loans of up to £25,000 and mentoring to startup businesses.

Help to Grow: Management

Take your business to the next level with the government’s new Help to Grow programme. The programme will help small and medium sized businesses across the UK learn new skills, reach new customers and boost profits.

What is it?
– From June, small businesses will be able to access a 12 week-programme delivered by leading business schools across the UK. The programme will combine a practical curriculum, with 1:1 support from a business mentor, peer-learning sessions and an alumni network.
– Designed to be manageable alongside full-time work, this programme will support small business leaders to develop their strategic skills with key modules covering financial management, innovation and digital adoption. By the end of the programme participants will develop a tailored business growth plan to lead their business to its full potential.
– 30,000 places will be available over 3 years. The programme is 90% subsidised by government – participants will be charged £750.
 
Who is it for?
– UK businesses from any sector that have been operating for more than 1 year, with between 5 to 249 employees are eligible.
– The participant should be a decision maker or member of the senior management team within the business e.g. Chief Executive, Finance Director etc.

– Charities are not eligible.

Pay As You Grow

New Pay As You Grow facility will enable more flexible repayments on Bounce Back Loans for UK smaller businesses. The British Business Bank, the UK’s economic development bank, has announced further details of Pay As You Grow, which helps UK smaller businesses that have taken out a Covid-19 emergency Bounce Back Loan to manage their cashflow and have a better chance of getting back to growth. 

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