Business and Start Up Grants with Somerset Community Foundation
Did you know that Somerset Community Foundation have two business support grants that might just be perfect for your enterprise?
SWEF ENTERPRISE FUND – START-UP GRANT
The SWEF Enterprise Fund Start-Up Grant supports applicants aged 18 – 30 who are just getting started or pre-revenue, with monthly revenue under £500.
- Applications can be for grants up to the value of £500.
- Applications solely for ‘business ideas’ will not be considered. You must be able to give evidence of significant steps taken to get your business off the ground.
- Business visibility is required – e.g social media presence, website, leaflets
- Grants must be spent within one month of receipt of funds.
Who is eligible to apply?
- Applicants need to be between the age of 18-30.
- Applications need to be for UK businesses only.
- Applications must come from a majority shareholder.
- Applicants must demonstrate the financial need for a grant, i.e. they don’t have access to other
- forms of funding such as a bank loan or help from friends and family.
Business Criteria
- Applications can only come from businesses that have (or will have) a business bank account. If you are unable to open a business bank account please contact us to discuss.
- Businesses must be looking to generate revenue within 3 months of application. If an applicant is not yet full-time, they will need to prove that they intend to go full time as soon as possible.
- Applications can only be from sole traders/limited companies/CICs limited by shares that have been trading less than 2 years.
- Applications that clearly explain how a grant will transform a business and take it to the next stage are the most likely to be successful.
SWEF ENTERPRISE FUND – ESTABLISHED BUSINESS GRANT
The SWEF Enterprise Fund – Established Business Grants are for individuals whose business is already trading but is less that 2 years old. You can apply for up to £2,000 to support growth and development. This funding can be used for expanding your product lines or the range of services you can offer, upgrading equipment, or other business needs that will help increase your revenues.
Grant Information
- Applications can be for grants up to the value of £2,000.
- Grants must be spent within one month of receipt of funds.
- Grant amounts are commensurate with the monthly profit of the business and the business opportunity.
Who is eligible to apply?
- Applicants need to be between the age of 18-30.
- Applications need to be for UK businesses only.
- Applications must come from a majority shareholder.
- Applicants must demonstrate the financial need for a grant, i.e. they don’t have access to other forms of funding such as a bank loan or help from friends and family.
IMPORTANT INFORMATION APPLICABLE TO BOTH GRANTS
How you can use the grant:
- Equipment that will help a business achieve increased revenues. Applications that involve the purchase of second hand items are particularly welcome.
- Materials/stock
- Prototypes and product development
- Website/booking system build
- Training
- Goods and services provided within the UK are preferred
Please note that SWEF does not provide grant funding for the following:
- Salaries
- Debt repayment
- Retrospective purchases
- App development or software development costs. Apps/software should be ready to launch or already launched at the point of applying to SWEF.
- Rent and utilities
- Businesses that involve invasive beauty treatments such as botox, aesthetics, semi permanent makeup, facial tattoos, dermal fillers.
- New computers, phones, tablets.NB on a match funded basis, SWEF will consider applications for refurbished technology. However, in order to be successful, the applicant will need to explain why the laptop, tablet or phone will transform their business. A link to the refurbished item will also be required, with an explanation of why they need this piece of specific technology.
You’ll need to complete the application form as fully as possible. Tell us about anything particular in your background, including your economic background, which would help us to understand any challenges you have faced or still face. If you need help, please let us know and we’ll put you in touch with an organisation that can help.