What if I have already paid for the item/service before my project is approved, am I able to claim back funding retrospectively?
No unfortunately not. You must wait until you receive a Grant Funding Agreement and only items approved and paid for after the date of the agreement can be claimed.
Am I allowed to submit multiple applications?
No, a business is only allowed to benefit from one grant only.
Can I pay for items in cash?
No, there must be a clear audit trail showing the funds have been paid for using a bank transfer or card payment. Cash payments are not acceptable.
How long does the application process take?
The fund officially opens for full applications on the 7th September 2020. We are opening up the Expression of Interest phase early so businesses can register their interest.
When fully operational, we aim to process the Expression of Interest within 3 working days and the Full Application within 5 working days. We anticipate that demand for the funding will be high which means that it may take us a little longer. From start to finish it should take approximately 3 weeks but this will be dependent upon the quality of the application and the complexity of the project.
Will all applications be approved?
There are no guarantees that your application will be approved. You must meet the eligibility criteria and be able to demonstrate clearly how your business has been affected and what impact the grant will have on your business. The process is competitive and priority will be given to those businesses whom are best able to demonstrate how their business has been affected.
What if my project cost is higher than £5,000, can I pay for the costs myself?
It depends on what the costs are. The funding is specifically for revenue costs rather than capital costs. So, if you purchase a piece of equipment and the cost is £8,000 it would be classed as a “major asset” and therefore a capital item, which means that it would not be eligible via this funding, which is from the European Regional Development Fund. However, if you were seeking funding for specialist support and the cost is higher than £5,000 you can fund the remaining costs through your own means.
I want to start a business, am I eligible to apply?
No. The funding is specifically for businesses who have been negatively affected by the pandemic so unfortunately you would not be eligible to apply for funding as this is for businesses who existed before the pandemic began.
I have a question that isn’t answered here. Is there anyone I can contact?
Yes. Please email email@example.com
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