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Last update 28/07/2024

Grants and Government-Backed Loans for Startups in Dacorum

Local Resources

Dacorum Borough Council offers a range of support services for businesses, including information on grants and funding opportunities.

Dacorum's Den: This is a business grant scheme offering up to £1,000 to budding entrepreneurs.
Herts Start-Up Programme: Offers a start-up grant of £1,000 for businesses under 6 months old and £3,000 for businesses up to 3 years old.

Government-Backed Support

Start-Up Loans: This government-backed scheme provides loans of up to £25,000 for businesses starting up or less than 24 months old.
- Link: Start-Up Loans
Business Finance Support Finder: This government tool can help you find suitable funding options based on your business needs.
- Link: Business Finance Support Finder

Regional Resources

Hertfordshire Growth Hub: Offers business support and funding information for the Hertfordshire region.
- Link: Hertfordshire Growth Hub

Additional Tips

Clearly Define Your Business Needs: What is the funding for? How much do you need?
Research Available Grants and Loans: Look for options that match your business sector and stage.
Prepare a Strong Business Plan: A well-written plan increases your chances of securing funding.
Network with Other Businesses: Connect with local entrepreneurs and business owners for advice and support.

Dacorum Borough Council Contact:

Website: Dacorum Borough Council
Phone: 01442 228000

Frequently Asked Questions (FAQ)

Q1: What types of businesses are eligible for Dacorum's Den grants? A1: Dacorum's Den grants are available to budding entrepreneurs and small businesses within the Dacorum Borough.

Q2: How do I apply for the Herts Start-Up Programme grant? A2: Visit the Hertfordshire Growth Hub website and follow the instructions for applying to the Herts Start-Up Programme.

Q3: What is the interest rate for Start-Up Loans? A3: Start-up loans have a fixed interest rate of 6% per annum.

Q4: How important is a business plan when applying for grants and loans? A4: A well-structured business plan is crucial as it increases your chances of securing funding.

Q5: Can I apply for multiple grants and loans? A5: Yes, you can apply for multiple grants and loans as long as you meet the eligibility criteria for each one.

Q6: What should I include in my grant application? A6: Ensure you include all necessary documentation, a clear explanation of how the funds will be used, and how it will benefit your business.

Q7: Can I seek advice from the council regarding my application? A7: Yes, Dacorum Borough Council provides advice and guidance for businesses looking to apply for grants and funding.

Q8: What are alternative funding options if grants and loans are unsuccessful? A8: Consider exploring crowdfunding, angel investors, or venture capital as alternative funding options.

Q9: How can I stay updated on new funding opportunities? A9: Regularly check the Dacorum Borough Council website, sign up for newsletters, and network with local business support organizations to stay informed about new funding opportunities.

Q10: Are there any specific grants available for new businesses in Dacorum? A10: While specific grants might be limited, it's recommended to explore all available business support services provided by Dacorum Borough Council and related organizations.

Value AD

CAN BE

ALTERNATIVE

INVESTMENT

What is Value Ad?

Value Ad is an innovative policy designed to foster a mutually beneficial relationship between two key groups: new businesses and service providers. This policy helps startups save significantly on essential services while enabling service providers to gain valuable traction and growth opportunities.

How is it a Win-Win Deal?

For New Businesses:

Cost Savings: Startups can save 50% to 80% on essential services such as website development and marketing. This means they don’t need to invest heavily upfront, making it easier to launch and grow their business.

Alternative Investment: The money saved through these discounts can be reinvested into other critical areas of the business, acting as an alternative investment that fuels further growth and development.

For Service Providers:

Initial Customer Base: Service providers, often tech startups themselves, can attract a significant number of initial customers by offering their services at a discounted rate. This helps them build traction and demonstrate value, which is crucial for attracting venture capital (VC) funding and other opportunities.

Marketing Efficiency: By providing affordable services, service providers do not need to spend heavily on marketing to acquire new customers. The discounted services themselves become a powerful marketing tool, bringing in customers who can spread the word and enhance the provider’s reputation.

Growth and Expansion: Attracting more customers through Value Ad helps service providers expand their client base and build long-term relationships, which can lead to increased revenue and business growth.

Alternative Investment for New Businesses:

For new businesses, the significant cost savings achieved through the Value Ad policy effectively serve as an alternative investment. Instead of spending large amounts on website development and marketing, they can leverage the affordable services provided by service providers. The saved funds can be redirected into other strategic areas of the business, enhancing overall growth and sustainability.

Benefits for Service Providers:

Service providers benefit from the Value Ad policy by gaining access to a ready pool of new customers who are drawn by the discounted rates. This initial customer base is crucial for:

Building Traction: Demonstrating product or service viability to potential investors.

Securing Funding: Enhanced customer traction and a growing user base can make the service provider more attractive to venture capitalists and other funding sources.

Market Penetration: Establishing a presence in the market quickly and efficiently without heavy marketing expenditures.

In Summary:

Value Ad is a strategic policy designed to create a win-win scenario for both new businesses and service providers. By offering significant discounts on essential services, startups can save and reinvest those savings, while service providers gain crucial initial customers and market traction. This mutually beneficial arrangement supports the growth and success of both groups, making Value Ad a powerful tool for business development and investment.

Value AD

CAN BE

ALTERNATIVE INVESTMENT