Business Growth Programme 2 eligibility for existing SMEs
You must NOT be a Franchise, Charity, Not-for-Profit, or in the Retail Sector
To be considered for Business Growth Programme 2 (BGP2) support you must be able to answer “YES” to each of the points below by the time you submit your application form:
- Are you an SME actively trading for 6 months or more? (The definition of an SME is that your business has between 1 and 249 employees, either an annual turnover of less than £35.5m, and/or a balance sheet of less than £30.5m and be less than 25% owned by another company or combination of other companies.)
- Do you operate largely on a Business to Business basis? (Business to Consumer trading cannot account for more than 20% of turnover.)
- Do you have a project which will grow your business, resulting in jobs being created within 7 months from the start of your project? (£10,000 grant = 1 job creation.)
- Can you deliver your growth project in a 4 month period following receipt of your offer of grant? (Priority will be given to investment ready projects which can be completed within 4 months.)*
- Do you pay your business rates to one of the local authorities based in the Greater Birmingham and Solihull and The Marches Local Enterprise Partnership area? (ie Birmingham, Bromsgrove, Cannock Chase, East Staffordshire, Lichfield, Redditch, Solihull, Tamworth, Wyre Forest, Herefordshire, Shropshire and Telford and Wrekin.)
- Is your business activity listed as “eligible” on the BGP2 Business Activity List?
- Do you have cash match? Cash funding is the difference between the grant you are seeking and the remaining cost of your project. All applications must provide cash funding which can be sourced from the private sector, but not other European Funds, Asset Finance or similar financial products involving a financial arrangement whereby an item is paid for in instalments, as this does not provide full evidence of defrayed expenditure. Loans, overdrafts, savings or company funds are considered to be eligible cash match and these must be secured and in place prior to approval of a BGP2 grant.)
- Can you obtain 3 competitive quotes (unless dealing with a very specialist item) for each element of the proposed expenditure above £1,000? (Quotes for project expenditure should not be from persons or businesses connected to your business, directors or shareholders.)
- Can you confirm that you can provide full financial accounts, or a robust Business Plan if you’ve only been trading for 6 months?
If you answered “yes” to all of the above, visit the downloads webpage for more information about BGP2. Contact the Growth Hub in your partnership area which will provide FREE advice on completing your application.
* For high value, more complex projects, project timescales are subject to negotiation.
Note 1: The use of consultants or third parties in completing the application form is an ineligible cost.
Note 2: The programme limits awards to one grant per SME from BGP2.