Worcester City Council recently approved funding of £60,000 for business start up and growth grants to help local businesses. The scheme is intended to support businesses which aren’t eligible for funding through the European Regional Development Fund (ERDF) programme.
Grants of up to £1,000 are available to support new businesses which are within their first year of trading and are based in Worcester. The grant can be used to purchase capital items as well as to cover start up costs such as initial stock, training and marketing. The business must match the value of the grant from own resources and create at least 30/hours week employment for the applicant. Applicants must have received business start up advice and submit a business plan.
For more established businesses in Worcester there is the growth grant scheme. This is open to businesses which have been trading from more than one year and are looking to enter new markets, launch new products or employ more people. Grants of between £1,000 and £3,000 are available for items such as repair and refurbishment of premises; equipment; website development and training. The grant must be match-funded from the businesses own resources and therefore the minimum project cost will be £2,000. The business must provide 30 hours/week work and be the only source of employment. Applicants will need to submit a business plan which clearly demonstrates growth.