Grant Funding and the Application Process

Jamie Young, Director at Plus Accounting, reports on a fantastic successful application for a capital grant

As we start the second half of 2015, we are delighted to report on a successful application for a capital grant of £200,000 to help fund a client’s capital expenditure and growth programme. 

The grant application was made via Coast to Capital (C2C) who run the Regional Growth Funding for the Coast to Capital region which incorporates West Sussex and Brighton.  

To be eligible for this grant, businesses must demonstrate how this will lead to new jobs and because C2C will contribute up to 50%, explain how the balance of the project will be funded.

In the case of our client, the application form and business plan including the financial forecasts were drawn up in conjunction with the client and submitted to the Investment Appraisal Panel. The business plan was then subjected to a due diligence appraisal which came back with flying colours.

Due to the size of the grant for which we applied, we were then invited to make a presentation to the Panel and answer questions on the business plan with particular emphasis on the financial forecasts and job creation. 

Within two weeks we were informed that the application had been successful and the grant was received very quickly after the capital equipment finance was in place.

Grant Finance Applications – Key Advice

Ensure you have a financial business plan and have calculated your funding requirement.
Demonstrate how the balance of the capital equipment cost will be financed e.g. from loan finance, retained profit, new share capital. 
Keep the plan short and to the point and avoid unnecessary jargon.
Ensure you have demonstrated how the grant will lead to the creation of new jobs. 
You will be asked to demonstrate that you have fully explored other sources of funding (without success) therefore make sure you keep any rejection letters from other fund providers.  
Check eligibility and the wealth of assistance from the Coast to Capital website www.coast2capital.org.uk 

If you would like to know more about the various ways in which you can finance your business, including specific advice and assistance in applying for grant funding, I will be happy to discuss the options available to you. 

Please contact me on 01273 701200 or jamiey@plusaccounting.co.uk 

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