Business Expansion Grants of between £20,000 and £100,000 are now available to businesses in Hertfordshire. The purpose of the grant is to assist them expand and create new jobs.
Other grants are available in other counties. Please call one of other team for further details.
Ineligible businesses include those involved in primary agriculture and horticulture, fisheries, aquaculture, forestry, steel, synthetic fibres, retail (including farm shops and post offices), pubs and hotels, care sectors, health and medical services, financial services, restaurants, cafes, hairdressers, haulage, passenger transport, education, estate and employment agencies are not eligible.
Large companies are not eligible for the scheme, being those with 250 or more employees or both annual turnover exceeding €50m and annual Balance Sheet total exceeding €43m.
You must be able to demonstrate that your business is viable, has good growth potential and will be self-sustaining in the long term. BEGS cannot support businesses whose balance sheets indicate present or recent trading difficulties.
With regard to the planned expansion, the following eligibility criteria applies:
Your expansion plans must include the creation of new jobs (permanent positions expected to last at least twelve months), with staff directly employed by the applicant arising from the growth of the business, post the initial grant payment.
Where needed, you must provide confirmation at the time of your application that allnecessary planning permissions and any other permits and licences to operate, are actually in place or confirmation that they are not required.
If a grant including property expenditure is approved, it is also expected that:
- Freehold property should be in the name of the trading business – the scheme will not support property Holding Companies, or property in the names of Directors / Owners, or in their pension funds
- If rented, the Lease should have a minimum of three years unexpired term following the final payment
Grant applications can only be considered when you are able to provide confirmation that all the remaining funds needed for your expansion plans are in place. You will be expected to provide clear evidence of this, including an email funding agreement in principle, or finance Offer Letters, Bank statements, etc. with your application. Simple ‘quotations’ for finance are not sufficient.
Your grant application must also explain why you require a grant, what difference it will make to your business, and why you have been unable to obtain all the finance you need for your expansion.
This is important, as grant funds cannot be used to support expansion plans where other funding appears to be available, or where the expansion would proceed regardless.
Note: VAT cannot be included in any of your costs, unless you are unable to reclaim it, and no expenditure on your expansion plan is permitted before the date of your Grant Approval.
Please feel free to call one of our team for further details.