What is a Business Grant?

Grants are non-repayable funds or products disbursed or given by one party (grant makers), often a government department, corporation, foundation or trust, to a recipient, often (but not always) a non-profit entity, educational institution, business or an individual.

The grants listed below are aimed at the local business community, they will each have their own criteria, so it is worth taking the time to read what is eligible to be applied for.


Not eligible for Business Rate Relief Grants?

New funding has been made available by the Government and allocated to Growth Hubs to help smaller businesses recover and rebuild following the effect of the COVID-19 pandemic.

There’s lots of other grant funding opportunities in the County, click here to view them:


Crowdfund Hertfordshire: Small Business Innovation Fund

Hertfordshire Local Enterprise Partnership and Visit Herts are working in partnership to offer small and micro businesses within the tourism, leisure, hospitality, retail, arts and cultural sectors the chance to unlock between £2000 and £5000 in match funding to help overcome the challenges of Covid-19.

The £200,000 Hertfordshire LEP fund will be administered by Visit Herts and delivered through the Crowdfunder Pay it Forward platform. Participating businesses will raise money for their project through pledges from their community and loyal customers. Once a business secures their target through the Crowdfunder campaign, successful applicants will be able to unlock between £2,000 – £5,000 in match-funding from the Crowdfund Hertfordshire: Small Business Innovation Fund.

To qualify, your business will need to be located in Hertfordshire and be a micro or small business primarily operating in tourism, leisure, hospitality, retail, arts or culture sectors. You will need to demonstrate that your business has been affected by Covid-19 and how you would use the funding to adapt your current business to either operate during lockdown, or to adjust to post lockdown measures. You will also need to clearly demonstrate that the adjustments you intend to make will help protect jobs directly within your business.

Find out more about the fund and business criteria by downloading the full applicant guidance document here. 

If your business is eligible and you are interested in getting involved, you can apply for the fund here.


Hertfordshire SME Growth Loan Scheme

Amount

£200k – £500k.

Security

  • Typically debenture (e.g. 2nd ranking behind bank)
  • Unsupported personal guarantee (partial)
  • Assignment of key person cover
  • Directors loan to be postponed

Arrangement fees

Yes, there are arrangement fees but no ongoing monitoring fee.

Interest Rate

Reflective of risk appetite.

Term

Up to 5 years (may include capital repayment holiday)

Click here to find out more


Hertfordshire Business Expansion Grant Scheme

Grant Amount

£20k – £100k

Supporting Job Creation

Up to £15k per job created.

Support Available

Up to 40% investment.

Eligibility

For existing Hertfordshire based businesses only (no start-ups)

Exclusions

Some sector exclusions apply

Click here to find out more


The Future Fund Scheme

The Future Fund issues convertible loans to innovative UK companies with good potential, that typically rely on equity investment and are currently affected by Covid-19. The scheme, will help these companies through the current period of economic disruption and the recovery, so they are able to continue their growth trajectory and reach their full economic potential. The scheme is designed by government and delivered by the British Business Bank.

The Government has made £250 million available for the Future Fund, and will keep this amount under review. The scheme is initially open for applications from 20 May until the end of September 2020.

How it Works

Investor applies:

  • The investor, or lead investor of a group of investors, certifies they meet the scheme eligibility criteria and provides key investment details.

Company confirms:

  • The company confirms the accuracy of the investment application details provided, before submitting the full application.

Contract is finalised:

  • In the case of approved applications, all parties will execute an agreement (in the template form provided) and satisfy certain conditions set out in the agreement before the funds are released.

Eligibility

  • Companies must be UK-incorporated and if part of a corporate group, only the parent company is eligible.
  • Companies in receipt of the loans will be required to have previously raised at least £250k in equity investment from third party investors in the last five years.
  • Only eligible companies that can attract at least 50% of third-party investment will receive funding.
  • Companies cannot have any of their shares traded on a regulated market, multilateral trading facility or other listing venue.
  • The company must have been incorporated on or before 31st December 2019.
  • At least one of the following must be true for the company:
    • Half or more employees are UK based.
    • Half or more revenues are from UK sales.

For more information on the Future Fund eligibility criteria and applications process, see visit the Future Fund webpages here.

The Future Fund online platform will be open for applications from Wednesday 20th May.


Get Growing 2 Project Adapts to Support More Hertfordshire SMEs

Small and medium-sized businesses (SMEs) across Hertfordshire can access grants of up to £5,000 or one-to-one advice, as part of a package of tailored business support from Hertfordshire Growth Hub. 

In response to the COVID-19 pandemic, the Get Growing 2 project, funded by the European Regional Development Fund (ERDF), has been reviewed and realigned to meet changing market needs and provide support to more local SMEs that have the potential to grow, but need help to adapt and strengthen in order to minimise the impact of COVID-19.

In response to the COVID-19 pandemic, the Get Growing 2 project, funded by the European Regional Development Fund (ERDF), has been reviewed and realigned to meet changing market needs and provide support to more local SMEs that have the potential to grow, but need help to adapt and strengthen in order to minimise the impact of COVID-19.

The original grant, available to SMEs on the programme, has been increased by £2,000 (to a total of £5,000) to fund 45% of eligible expenditure and help local SMEs through these uncertain times. Eligibility requirements have been expanded to include SMEs who first need to stabilise and minimise the impact in order to then grow. 

The £5,000 grant will allow eligible SMEs to access external skills, knowledge and expertise via the Growth Hub’s online Marketplace, with Growth Account Managers monitoring progress and providing ongoing support. Throughout the programme, SMEs are invited to attend exclusive events, webinars and workshops on key business-improvement topics.

If you’re interested in receiving in-depth advice or accessing the business grant, click here to register. You’ll gain immediate access to our online Marketplace, where you can find a wealth of finance and funding information, including Get Growing 2.

Please note: Eligibility criteria and T&Cs apply, register to find out more. 


Manufacturing Growth Programme

Are you an SME Manufacturer who could benefit from a grant?

The Manufacturing Growth Programme (MGP) is specifically designed to help SME manufacturers access funding towards specialist external consulting and coaching support to help overcome operating challenges and grow the business.

How much is the grant?

Claim up to 35% of the total cost of our project (min grant £1,000; max £3,500).  The grant is now available in Hertfordshire, subject to eligibility.

What can I use it for?

To bring in external skills, coaching, mentoring or bespoke consultancy to drive growth.  Support is bespoke so you get exactly the assistance you need.

These are just some of the areas MGP can help you with:

  • Sales and Marketing
  • Quality systems
  • Supply chain development
  • Leadership and management training
  • Productivity and capacity
  • Innovation and R&D
  • Lean Manufacturing

Want more information?

Accessing the Manufacturing Growth Programme is quick and easy.  Contact Amanda Freeland at Amanda.freeland@egs.live or telephone 07973 946529.  The website is www.manufacturinggrowthprogramme.co.uk.


Low Carbon Workspaces

The Low Carbon Workspaces project provides support to help SMEs make energy efficiency changes to their premises or processes.

The project is being delivered by Ngage Solutions and has a countrywide focus.

The project is helping SMEs make energy efficiency changes, including with the support of grants. IN Hertfordshire it is expected to support 124 SMEs, provide grants to 124 SMEs and help bring about 880 greenhouse gas reductions.

Hertfordshire LEP helped the project applicant secure £1m from the European Regional Development Fund.