Economic Futures Fund
Economic Futures Fund has now closed.
Our Economic Futures Fund supports start-ups and adaptations to business properties which help support the economy both during the coronavirus pandemic and beyond.
- business Start Up funding providing grants of between £250 and £4,000 to new start-ups and businesses within the first 3 years of trading. Initially £150,000 will be available in 2021/2022.
- a Covid-19 Outdoor Improvement Recovery Fund providing grants of up to £10,000 for business premises adaptations that respond to restrictions arising from the coronavirus pandemic and develop future resilience. Initially £350,000 will be available for this Fund in 2021/2022.
The Start-up business fund has now closed. The next round of funding will open on Tuesday 8 June.
The Covid-19 Outdoor Improvement Recovery Fund is currently closed to new applicants.
Should further funding be made available by Welsh Government we’ll let you know via our communication channels.
Bridgend Business Start Up Grant
Business Start Up Fund has now closed but a 2nd round of 2021 will reopen on Tuesday June 8th 2021.
We are busy appraising the applications from the 1st round so please don’t contact us to ask about the 2nd round as we won’t have answers until we have completed the appraisal for the applications from the 1st round.
Please see below details of the grant but please do not contact us to discuss it before the fund reopens on June 8th 2021.
This is a flexible grant scheme delivered through a partnership with UK Steel Enterprise and Bridgend County Borough Council. It provides financial assistance to new or existing micro-businesses that are located, or are planning to locate, in Bridgend County Borough. A micro-business is one which has fewer than ten employees and a turnover or balance sheet total of less than £2 million.
Who can apply? - New start-ups and businesses within the first three years of trading may be considered. The business must be located within Bridgend County Borough. We may seek reimbursement if the business moves away from the area within one year of being awarded funding.
Who cannot apply? Those who are not eligible to apply are:
- organisations or groups not undertaking trading activities
- political or religious groups
- clubs and societies
- voluntary organisations
- those in receipt of funds above state aid thresholds
What can be funded and how much can you apply for?
Eligible costs could include:
- capital equipment
- computer equipment
- development of websites
- building works to business premises
What we cannot fund.
There are certain costs the scheme cannot fund, such as:
- VAT or any other taxes
- legal costs/works being carried out as a statutory requirement
- refinancing of bad debts of any kind
- training costs
- any costs incurred prior to formal approval
- Membership of Professional Bodies
- Planning application costs
- Insurance, salaries or business overheads including salaries and other staff costs
- Preparation of plans and studies, e.g. Business Plans/Feasibility Studies
The grant can provide up to 50% of eligible projects costs. The minimum grant is £250 and the maximum grant available is £4,000 so the maximum project cost is £8000. The grant will be awarded on a first come first served basis but all forms must be compliant and contain the relevant information some of which must be uploaded.
How to apply
We will operate on a first come first served basis and will only process compliant application forms which have the accompanying required evidence uploaded as set out below.
We will inform you on or before April 30th 2021 if your application is successful. You will need to accept the funding and we will expect your 1st financial claim by June 30th 2021 and all claims to be fully complete by August 31st 2021. If it is not complete we reserve the right to withdraw the funding offer.
The applicant must submit an online application form and a business plan with 12 month’s cash flow forecast.
You can access the cash flow template and business plan below, but they are also embedded in the online form:
Two comparable quotes are also required for each capital item required. You will need to upload these onto your application form.
You will also need to upload your bank statement and send us updates if your project progresses.
You will also need to upload proof of identity and proof of address.
The business must seek to provide employment for the Applicant for a minimum of 30 hours per week and should provide your main form of income. The grant cannot support the development of a hobby or pastime.
Help and advice with putting a business plan together is available from the Business Wales website or by phone - 03000 6 03000
Business start-up factsheets
You can obtain business start-up factsheets on different types of business activities via the Business Wales website, or contact the helpline on 03000 6 03000.
No expenditure should be incurred before grant approval, as the grants cannot be awarded retrospectively. Under normal circumstance we will only support one application for funding under the Business Start-up Fund.
The business/director(s) of the business must NOT have an interest/shareholding in any of the companies supplying quotes/estimates for the grant application. The Applicant must accept the terms and conditions of the grant by completing and returning the Certificate of Acceptance which we will issue if your grant application is successful. Do not proceed with your project until you have returned the Certificate of Acceptance.
Should the project not proceed within the period stipulated in the offer letter the grant would automatically lapse?
Items purchased through credit card/hire purchase/extended credit agreements/finance leases and cash purchases will NOT be considered for grant funding. All purchases need to be undertaken from the BANK ACCOUNT listed on the application form which must be in the name of the business or the applicant.
Should the application be successful, the grant money is paid direct into the BANK ACCOUNT of the applicant or business after receipt of invoices and sight of bank statements to confirm payment and satisfactory monitoring.
Grant will not be offered or paid if the Business or the Applicant is in arrears with any payment to Bridgend County Borough Council. Checks will be made as required, to be determined by your project officer.