Get extra help to fund your marketing projects – The Velocity Grant is back
Do you have a fantastic campaign, product or project that you know will increase your profits, if only you had the funds available? Are you delaying that rebuild of your website?
Well, help could be at hand!
Funding of £1.25 million has been secured by Velocity Growth Hub for businesses in the South East Midland looking to expand, invest and recruit. This initiative was withdrawn but is now available once again to provide revenue and capital grants exclusively for businesses based within the South East Midlands Local Enterprise Partnership (SEMLEP). This means that if you are located within Aylesbury, Bedford, Central Bedfordshire, Cherwell, Luton, Milton Keynes and Northamptonshire, your business is eligible.
Revenue Grant for marketing projects
The revenue grants range from £1,000 to £10,000 and can be used to fund a maximum of 33% of the total price of goods or services. This type of grant will support specialist consultancy, marketing activity, campaigns, web development projects, in fact, all services related to increasing sales, improving productivity and profitability and improving business processes.
Grants have previously been awarded to support market research, website design, re-branding, marketing collateral, customer relationship management software and recruitment for hard-to-fill posts. Amounts awarded will be based on a maximum of £5,000 for each job that is created by the project.
Larger capital fund required?
Maximum Velocity capital grants which can range from £5,000 to £50,000 can fund up to a maximum of 25% of the total price. Project ideas include, but are not restricted to, investment in technology or processes that facilitate growth and create jobs; such as plant equipment, new machinery, and an extension to land or premises. Amounts awarded will be based on a grant of £5,000 for each job that is created by the project.
Businesses can make a combined revenue and capital grant of up to £60,000, if necessary. The grants are being provided through a multi-year European Regional Development Fund project and the last date that grants will be awarded is 30th June 2018, unless funding has been fully committed prior to that date. Applicants must follow EU procurement regulations and Velocity Growth Hub will advise you on how to stay within the rules.
Does this apply to you? Are you eligible?
There are a number of eligibility requirements that businesses must meet to be able to apply apart from being located in the right area.A business must:
A business must:
- be a small to medium sized business (with under 250 staff)
- have been actively trading for at least 12 months
- be trading with customers who are other businesses, not retail or to consumers be trading in certain business sectors
- undertaking a project that adds new value to the business and not day-to-day running costs
- receive a grant offer letter from Velocity before starting the project .
If your business successfully meets these requirements, then you are eligible to apply.
Velocity Growth Hub are committed to helping local businesses and investing in growth. These grants are a big opportunity for your business to receive guidance and investment for its future, and Velocity will help you through the process to give you the best possible chance at receiving funding.
What to do next?
So, don’t let your next exciting project sit on the launchpad because it could allow your business to be more profitable and soar. Talk to us about your project or campaign and we can help define how this will fit within Velocity funding. We will assist you with the application.
For more information, visit the Velocity Business Support website.
To get your application underway, please contact the Velocity Growth Hub on 0300 01234 35 or email them.
Alternatively, contact BeSeen to discuss your options.