Apply for a business recovery fund

About the fund

We have developed this fund to support businesses directly impacted by Covid and unable to fully trade. They must have not benefited from other Government Covid-support schemes.

Applications will open from noon on 23 February until 11.59pm on 25 February. 

Businesses can request an amount dependent on their circumstances:

  • For new businesses registered less than 12 months with losses greater than £1,000 - applicants can select a fund of £2,500 or £5,000. 
  • For established businesses registered more than 12 months with losses in profit greater than 30 per cent - applicants can select a fund of £2,500, £5,000, £7,500 or £10,000.

Losses are evaluated between 2019 and 2020 calendar years. If full-year finances are not available businesses can use apportioned figures.

The scheme is open to businesses with less than 50 employees. We are particularly keen to receive applications from those with less than 10 employees.

One application per business is allowed.

Businesses that make an overall profit once fund income is included are subject to tax.

If your project is ineligible for this scheme you may be able to access an alternative Lincolnshire County Council grant.

For more business support information as a result of Covid-19, visit GOV.uk.

Check if you are eligible

Funding criteria

If you, your business or any directors have received another form of Government funding, you are not eligible. This includes:

  • small business grant
  • retail, leisure and hospitality grant
  • discretionary grant fund
  • any other local authority Covid-support grants
  • local restrictions support grant
  • additional restrictions grant
  • Christmas support payment for wet-led pubs
  • closed business lockdown payment
  • rural payments agency funding for farmers, rural businesses and landowners
  • fisheries response fund for fisheries and aquaculture businesses
  • self-employment support scheme
  • furlough scheme (as a director of a limited company) to cover your own position or any other director position

Further criteria

We will ask you to confirm that all the following statements are true:

  • My home address and operational business address are both in Lincolnshire
  • My business has started, made a legal change or become self-employed before 31 December 2020
  • My business is not in administration, insolvent or in receipt of a striking-off notice
  • My business does not have over 50 full-time or full-time equivalent employees
  • My last set of company accounts were not dormant
  • I am not applying on behalf of a charity
  • I am not in full-time employment or education
  • I can provide a business bank account statement
  • I plan to continue to operate my business for at least the next 3 months

How to apply

If you believe you are eligible to apply for funding, you will need:

  • a business bank account
  • a statement supporting your need for the funding (between 500 and 1000 words). This will include
    • the impact of COVID-19 on your business and business profits
    • how you have financed your business through the pandemic
    • justification for the fund amount selected
  • documents that provide evidence of your business and support your need for funding, such as:
    • a copy of certificate of incorporation
    • filed accounts
    • a copy of HM Tax office UTR notification
    • a copy of VAT registration
    • a statement of trading from registered accountant
    • a copy of supplier invoice for the period to December 2020 aligned with your bank statement
    • Business Bank Account statements ( PDF) covering the periods December 2020 and January 2021 clearly showing your business address and banking Information
    • a supplier or reseller trade account (active) such as documentation or a statement showing a trading account with a wholesaler, an eBay seller account, Amazon Business, Etsy
    • valid business insurance in the trading name of the business or name of the applicant
    • marketing materials for your business, for example a business website, active social media. Web links, social media account name (such as LinkedIn, Facebook , directory listings
    • other evidence of business activity to support your application
  • details of your losses
  • your business bank account details

Guidance

You can request a PDF version of your statement from your bank or through online banking if you have it. If you cannot provide a PDF copy, we will accept a photograph of the first page of your bank statement. We may ask you to provide further evidence.

You must have the required information to hand before submitting your online application.

You can still apply if the only funding you have received is one of the following:  

  • business rate holidays 
  • Bounce Back Loan Scheme (BBLS) 
  • Coronavirus Business Interruption Loan Scheme (CBILS) 
  • COVID Heritage Emergency Scheme 
  • the Future fund 
  • furlough scheme (unless your company has directors that furloughed themselves)
  • kickstarting grant or other European business growth and development grant

Fraud statement

At end of the application form, we will ask you to confirm that you:

  • have read and understood all documents about this scheme, including all information about eligibility
  • are providing true, accurate and complete information
  • understand that by giving wrong or incomplete information which you know to be misleading, you may be committing a criminal offence and could face prosecution
  • understand that we will investigate all applications where we suspect fraud
  • understand that we will check all the information you provide and we may for further details if necessary
  • I agree to repay any money I receive to which I am not entitled

The application form will be active from noon on 23 February and will close at 11.59pm on 25 February. 

Apply for a business recovery fund

What happens next?

We will process applications on a first-come, first-served basis.

We will inform applicants if they are successful or not within six weeks of their application date by email.

We will pay successful applications on a first-come, first-served basis until either:

  • all of the applications are paid
  • the funding pot is exhausted (we will add the remaining applicants to a reserve list)

The decision of the council is final and there is no right of appeal.