SWEF Enterprise Fund

Description: SWEF awards grants of up to £2,000 to young people in Nottingham City and Nottinghamshire County who need support with a business investment that will transform their business that they would otherwise not be able to afford.  It is particularly targeted at those who are not in education, employment or training.

Type: Sole Traders & Companies

Status: Open

Maximum: Grants range from £200 to £2,000, amounts will very depending on individual requirements

Opening: 06/09/2023

Deadline:

Notes: Application cut off 7th of each month



SWEF awards grants of up to £2,000 to young people in Nottingham City and Nottinghamshire County who need support with a business investment that will transform their business that they would otherwise not be able to afford.  It is particularly targeted at those who are not in education, employment or training.

Eligibility – you can apply if you:

  • are aged between 18 to 30 years old
  • currently live and work in Nottingham City or Nottinghamshire County
  • are from a low income household or facing other challenges preventing you from developing your business
  • are running a business that has been trading for under two years (including those about to start a new business)
  • already have a sole trader or business bank account in the name of the business or are in the process of doing this

Application Process

If you meet the above criteria you can apply for a grant of up to £2,000, regardless of your background or how well you did in education.  The grant can be used for equipment, training or services that will transform your business.  You cannot apply for your salary or living costs.

If you ask for £500 or less and are successful, you will be able to re-apply for a second grant at a later stage.  Very early stage businesses should consider if an initial smaller grant is helpful, before applying for a larger amount.

We need you to tell us about your business in your application form, and how a grant would help you to make it more successful or support start up costs.  Please provide a breakdown of specific costs to help us understand how you would use the grant, with quotes and or weblinks if appropriate.  Avoid general terms like ‘marketing’ that do not provide enough detail about how you will spend the grant.

We need a reference to support your application.  Your referee should be a person who can tell us about your character or abilities and can confirm your circumstances.  It might be a tutor, support worker or someone who you have worked for.  You will need to ask your referee to complete a reference form for you (see below) and return it to us.

We also need you to send us a copy of a recent bank statement (no more than three months old) to confirm your business account details, should you be successful.  We can only pay grants into a business bank account that matches the business name in your application.

We may also invite you to an online meeting to tell us more details about your business.  If this is the case, we will email you to arrange a date and time.

Eligible Use of Funds

  • Equipment that will help a business bring in a second revenue stream
  • Equipment that will help a business increase production where there is proven demand.
  • Materials/stock for a new product line
  • Prototypes
  • Website/booking system build
  • Training
  • Product development

Ineligible use of Funds

  • Salaries
  • Debt repayment
  • Rent and utilities
  • Stock for an existing product line
  • Ongoing software subscriptions
  • New computers, phones, tablets
    NB On a match funded basis, we can consider applications for refurbished technology. However, in order for this to be considered, you will need to:
    – Explain why the laptop, tablet or phone will transform their business.
    – Provide a link to the refurbished item with an explanation of why they need this piece of specific technology.

How to apply

Please make sure you have read the above criteria and you are eligible before you apply.

Please read our application guidance for more detailed guidance on the information required in the application form.

 

To apply, please:

  • complete an online application form by clicking the ‘Apply Now’ button below
  • attach a copy of a recent bank statement, which we will need to confirm your bank details, if you are successful
  • include any additional documents if you want to, such as your business plan
  • ask your referee to to complete a reference form for you and return it to us by email to enquiries@nottscf.org.uk

 

APPLY NOW

What happens next

  • We will confirm that we have received your application within 5 working days.
  • We aim to contact you within the following 3 weeks after discussing your application with colleagues at SW Enterprise Fund. You may be invited to meet with us online to discuss your business in more detail.
  • We aim to make a final decision within 6 weeks.
  • If you are awarded a grant, it will be paid directly to you by bank transfer – we can only pay grants into a business bank account that matches the business name in your application, so if you don’t have a business bank account yet you will be asked to set one up
  • You need to spend your grant within one month and provide feedback 12 months after you received the grant providing receipts and evidence of spend accordingly.

All those awarded a grant will have an opportunity to take part in a business forum with other grant recipients to exchange ideas, experiences and questions.  One to one business mentoring may also be possible, provided by a relevant local agency able to provide this.

 

Sources of Support

The following organisations may be able to help you with developing your business idea and preparing a business plan, and may also provide ongoing business development support:

You can access individual business planning help and enterprise start up workshops in Nottingham City, Broxtowe, Rushcliffe, Ashfield, Mansfield and Newark & Sherwood.   Please go to https://nbv.co.uk/training-and-events/  for access to this support.

D2N2 Growth Hub enables clients to access a wide range of business support delivered by organisations in the local area through a website http://www.d2n2growthhub.co.uk supported by an information helpline 0333 006 9178 and regular events.  Businesses can access the support of an adviser by calling 0333 006 9178 or emailing info@d2n2growthhub.co.uk

 

For more information please contact Alex on 01623 620202 or email alex@nottscf.org.uk