Growth Vouchers are a financial support programme for Lancashire businesses administered by Boost; Lancashire’s Business Growth Hub. The overall aim is to support the growth of Lancashire businesses by unlocking barriers to growth by purchasing private sector expertise.
All Growth Vouchers need to be match funded £ for £ – i.e. the business must match the contribution made by the voucher. The minimum voucher value is £1,000 (for a project with a total value of £2,000) and most vouchers awarded will be in the region of £2,500 (for a project with a total value of £5,000).
Boost’s advisors will be on hand to guide you through the application process.
What can they be used for?
The vouchers can be used to purchase private sector support such as:
- Production of a prototype prior to full-scale production.
- Commissioning specialist intellectual property advice.
- Production of a marketing campaign or branding.
- Paying for specialist technical expertise.
- Development of a website or re-development of a website with additional functionality.
- Development of key business software (e.g. stock control, order processing).
Growth Vouchers cannot be used for the purchase of capital equipment such as machinery, mobiles, laptops, tablets, office furniture and off-the-shelf software.
Who is it for?
Lancashire based ambitious SME businesses*. As the programme is funded by the European Regional Development Fund you must not be a retailer or business-to-consumer focused organisation.
* SME – Small to Medium Enterprises must employ fewer than 250 full-time people with a turnover of less than £40m.
How does it work?
- A Boost advisor will contact you to assess eligibility and ensure that the support is right for your business.
- The advisor will then help you develop a specification and obtain three quotations for the product or service before reviewing your application.
- If your application is successful you will receive an agreement to sign.
- You can then commence your agreed project. You will need to pay in full for the project once it is complete.
- Upon completion, you need to provide us with evidence that the project has been completed, the impact on your business and that payment has been made. We will then reimburse you for the growth voucher value.
Growth Vouchers are aimed at helping ambitious businesses do something different / extra to deliver growth. They cannot be used to fund existing activity (i.e. paying for services that a business already receives).
Even if you’ve had Boost support already on another programme, you may still be eligible for a growth voucher so contact Boost to apply.
If you are a professional advisor recommending a client, please ask the client to contact Boost as we will need to speak to them directly.