Business funding sources
GAIN growth fund
A new round of the GAIN Growth Fund has been launched offering grants of between £25,000 to £1m to companies which can demonstrate growth plans and job creation. The funding will be made available to businesses in Cornwall, Somerset and Devon, including Plymouth and Torbay, in the form of grants of between £25,000 and £150,000 for SMEs, and between £250,000 to £1m for larger applications. The first grants are likely to be made in April of this year, and bids will be appraised on a rolling basis until August 2014, when the final awards will be made.
The Inspiras Loan Fund has been created to help support the implementation of innovative projects that will potentially have a significant impact on the economy of Devon, Cornwall, The Isles of Scilly and Somerset, particularly by the creation of new, high quality jobs or significant productivity improvements. The Fund may also consider exceptional projects from a wider geographic area. It is aimed at projects requiring funding in excess of £100,000 and will consider offering loans of between £100,000 and £250,000 to successful applicants. The Inspiras Loan Fund will be open to receive new applications on 1st March 2014.
Torbay Growth Fund
The Torbay Growth Fund was launched by Torbay Council in April 2013. The Fund is open to businesses that will create jobs inTorbay and has so far awarded £158,000 to 5 businesses who will create 63 jobs between them. Businesses can apply for a grant or loan ofup to £150,000, with funding awarded over a three year period. There is a minimum investment value of £15,000 so businesses should set out how they will create enough jobs to justify at least this level of funding. The funding can be “capital” or “revenue” i.e. it can be spent on physical building and investment in equipment; or on services such as product development support or marketing. Applicants need to explain how the investment will support them to create jobs which they otherwise wouldn’t be able to.
Applications must come from businesses based in or looking to move to Torbay. There is a simple application form where you will need to set out what your business requires the funding for, and how it will enable you to grow and create jobs. Applicants will be asked to demonstrate their ability to create jobs through a business plan showing financial and demand forecast, evidence of past performance, financial backing and their commitment to recruit from the local workforce.