A new fund is being launched in Lanarkshire to support more people to start their own business.
North and South Lanarkshire Councils are investing £700,000 in the Start-Up Grant Fund, which opens for applications on 31 March.
The fund will be delivered in partnership with Business Gateway Lanarkshire, and is aimed at people with a with a robust, viable business idea who need funding support to start trading.
Grants of between £1,000 and £2,500 will be available for essential business purchases such as IT equipment, infrastructure costs, website design and stock costs.
The higher grant amounts will be provided for businesses who will rent commercial premises and employ staff.
“Running your own business is a common ambition, and in Lanarkshire we want to help make that dream a reality for more people,” said Councillor Paul Kelly, North Lanarkshire Council Depute Leader.
“Our new Start-Up Grant Fund will provide an important initial boost for people who have a strong business idea but don’t have the money to take it forward. Along with practical support from Business Gateway Lanarkshire advisers, we hope this funding will bring more new businesses to the area, creating jobs and prosperity.”
Councillor John Anderson, Chair of Community and Enterprise Resources in South Lanarkshire Council, added, “While we have a strong track record of creating new business start-ups in Lanarkshire, improving our performance and supporting our entrepreneurs with new business ventures is key to achieving our community wealth building objectives and sustainable economic growth. This new form of business funding will help us to accomplish these goals.”
Applicants can re-apply for a second payment in six months to help with the ongoing working capital requirements of running a business; this is subject to the business being able to demonstrate three months of trading and ongoing viability.
As part of the application process, businesses must supply a business plan and 12-month cashflow statement. Anyone interested in applying for a grant should contact Business Gateway Lanarkshire. Full details of the fund will be advertised when it opens.