We only work with small businesses so a lot of our clients are in the early stages of their venture. This may mean that cashflow is potentially limited, making you feel like funding the development of your new website or bespoke cloud software idea is out of reach.
But this isn’t necessarily the case. We have recently learned about a fund that could help you if you are based in Cornwall.
BIG Productivity is an investment fund of £3.15 million, financed by the European Regional Development Fund and delivered by Cornwall Development Company. It offers tailored investment packages to help new and established Cornish SMEs. The fund can help with a massive variety of areas. This could be from hiring for new jobs, through to funding your website development or a new product line. Note that anything deemed as “business as usual” or a statutory requirement is exempt from funding eligibility.
Your application will be split into two parts:
- Expression of Interest
- Full application
Complete the Expression of Interest form here. Completing this form will help the Cornwall Development Company ascertain if you are eligible for support or not.
You will likely need the support of a “suitably qualified financial person” throughout this process. This is for a couple of reasons:
- Applicants who have fewer than 2 years of audited accounts will need to have a 2 year business plan produced by this person.
- Grants above £50k will need a detailed 2 year cashflow produced by this person.
Every grant will require a cashflow, even if your grant is less than £50k – so bear this in mind.
Cornwall Development Company also offer advisory services. This is for Cornish SMEs who are eligible for support through the European Regional Development Fund. The advisory services are 12 hours of free, non-financial support. You could use this to help improve your processes, access new markets, boost productivity etc., etc.
Your consultant may also be able to secure other support for you whilst you are working together, such as access to member only online events and networking opportunities. No matter your sector, they will have someone who has the know-how and connections to be able to help you.
Big thanks to Lyn Newby at Cornwall Development Company for the extra information. What she sent us about this fund allowed us to write this article!