What happens next?
If we ask you to submit a full application, we will invite you to a webinar. This is to help with the development of your application. A choice of dates will be available.
Your full application will involve a rigorous assessment of your project. You will need to submit a comprehensive collection of supporting evidence including:
- Three like-for-like quotes for every item of expenditure over £1,500. Two like-for-like quotes for items under £1,500. Each quote must be based on the same specification (ie using the same materials and measurements and for items that have the same capacity and functionality)
- The last three years' financial accounts for your business and any linked businesses. For a new business, your latest tax returns or an opening statement from a qualified accountant
- A quarterly cash flow forecast for the period of project delivery. A profit and loss forecast for three years following completion of the project works. We will provide a spreadsheet template for these.
- Evidence that match-funding is in place (for example, a loan agreement, offer of funding or bank statements for "own funds")
- Research to show there is real need and demand for what you want to do
Time and costs incurred in the completion of your application are at your own expense and risk.
We make grant payments in arrears. You must bankroll your project and pay for the items in full before you submit a grant claim. You must submit evidence to verify this (for example, a bank statement or overdraft facility).
If we approve your project, you must:
- trade for five years from the financial completion date
- create all outputs as detailed in your full application
Failure to comply could result in clawback of the grant.