New funding streams available to help small businesses adapt and grow

Small businesses and their supply chains can get help to adapt to the new economic and regulatory landscape thanks to new £1.5m funding streams from the West of England Combined Authority.

The Business Growth and Adaptions Grant, which opens for a second round of applications from 19 October, will help small to medium enterprises (SMEs) buy new products to help increase production and enable growth with funding of up to £30,000.

Commenting on these new grants, Patricia Greer, Chief Executive of the West of England Combined Authority and Local Enterprise Partnership, tells us, “This money from the West of England Combined Authority will support employers to better equip themselves for future growth in the changing business landscape.

“The Business Growth and Adaptions Grant is already helping small and medium-sized businesses purchase and implement new products and equipment, so they can increase production and drive business growth and expansion – which may lead to more jobs for people in the West of England.”

The Combined Authority has supported Bristol-based Recruitment and Executive Search firm Xist4, which helps organisations to build an inclusive workforce.

Gozie Ezulike, Director of Xist4, says “I am incredibly grateful for the grant Xist4 received. It has helped raise Xist4’s profile in the eyes of our essential target audience and given Xist4 a fresh lease of life post-pandemic.”

Businesses can access one of two funding streams – from £6,000 to £10,000 and £10,001 to £30,000, both with varying eligibility. Applicants will need to be able to provide at least 20% match funding and the project they are requesting funding for should support their operations or processes to maintain or increase their turnover.

To be eligible for the first funding stream, businesses must:

• Have a registered and/or trading address in the Bath and North East Somerset, Bristol or South Gloucestershire local authority area
• Be able to provide a minimum of 20% match funding for your purchases
• Have traded for at least 1 year
• Be a Sole Trader, Limited Company, limited liability partnership, or a Co Operative
• Be a small and medium sized enterprise (SME), this means you must not employ more than 249 people

For the higher funding stream, the criteria is:

• Have a registered and/or trading address in the Bath and North East Somerset, Bristol or South Gloucestershire local authority area
• Be able to provide a minimum of 20% match funding for your purchases
• Have traded for at least 3 years
• Be a Limited Company, limited liability partnership, or a Co Operative
• Be a small and medium sized enterprise (SME), this means you must not employ more than 249 people
• Provide full submitted accounts which includes the Profit & Loss Statement, Balance Sheet and Notes to the Accounts. This must not be the abbreviated accounts and must show the previous year’s figures.

The grants are part of the £10m Regional Recovery and Adaptions Fund agreed by the West of England Combined Authority Committee in April. Keep your eyes peeled for when the applications open on 19 October and the window will close on 9 November at 12 noon. You can find out more information on the Business Growth and Adaptions website.

Support and guidance is available to help applicants develop their application writing skills. Please contact Enterprisegrants@westofengland-ca.gov.uk to find out what’s available.