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Last update 05/08/2024

Grants and Loans for Startups and Small Businesses in Ashfield, UK

Ashfield District Council offers several grant and loan schemes, as well as access to government-backed funding options for startups and small businesses. This guide provides an overview of the opportunities, eligibility criteria, and how to apply.

Grants

Ashfield Accelerator Grant (AAG)

This grant, funded by the UK government through the UK Shared Prosperity Fund, offers £8,000 - £30,000 towards eligible project costs. It is designed for established micro, small, and medium-sized enterprises engaged in the Ashfield Accelerator project.

Ashfield Business Growth Grant

This scheme provides up to £6,000 (or 75% of eligible project costs) for established businesses within the district or those moving into the area. This grant is specifically for commercial premises and focuses on projects that create new jobs.

Government-Backed Loans

Start Up Loans

The British Bank provides loans between £500 and £25,000 to help start or grow businesses. This is an unsecured personal loan with free support and guidance to help create a business plan.
Website: Start Up Loans

First Enterprise – Enterprise Loans

Offers funding between £500 and £250,000 for start-up and existing businesses. These loans are designed to bridge gaps in traditional lending and are backed by the government.
Website: First Enterprise – Enterprise Loans

Where to Find Information

Business Grants

For details on Ashfield Accelerator Grant (AAG) and Ashfield Business Growth Grant, visit: Ashfield Business Grants

Start-up Funding Information

For details on Start Up Loans and First Enterprise loans, visit: Ashfield Start-up Funding

D2N2 Growth Hub

This local growth hub provides a range of support, including information on grants and funding opportunities.
Website: D2N2 Growth Hub

Additional Tips

Carefully Review Eligibility Criteria: Before applying for any funding, thoroughly review the eligibility criteria and requirements for each grant and loan program.
Contact Local Authorities: Reach out to Ashfield District Council's Economic Development team for personalized guidance and support.
Network with Other Businesses: Connect with other local businesses to learn about their experiences and discover potential funding opportunities.

Contact Information

Ashfield District Council

Economic Development Team
Phone: 01623 450000
Email: economic.development@ashfield.gov.uk
Website: Ashfield District Council

FAQs about Grants and Loans for Businesses in Ashfield

1. Are there specific grants for tech startups in Ashfield?

While Ashfield District Council does not offer specific grants for tech startups, broader programs like the Ashfield Accelerator Grant and the Ashfield Business Growth Grant can support various business types, including tech ventures.

2. How much funding can I get through these programs?

Funding amounts vary depending on the program. For example, the Ashfield Accelerator Grant offers £8,000 - £30,000, while the Ashfield Business Growth Grant provides up to £6,000.

3. What if my business is in an early ideation phase?

Start Up Loans cater to pre-start and early-stage businesses. These loans provide not only financial support but also mentoring to help develop your business idea.

4. How long does the application process take?

The application timeline varies for each program. Contact the respective organizations for specific timelines.

5. Can I apply for multiple grants or loans?

In some cases, you might be able to combine funding from different sources. It’s advisable to consult with the program providers for guidance on combining multiple funding streams.

6. What types of projects qualify for the Ashfield Accelerator Grant?

Projects that focus on growth, innovation, job creation, and overall business development typically qualify for the Ashfield Accelerator Grant.

7. What are the fees associated with applying for these loans?

Most government-backed loan programs, such as Start Up Loans, do not have application fees. However, it's important to check for any potential costs or fees associated with other funding programs.

8. Can funding be used for operational expenses like salaries and rent?

Generally, funding can be used for various business expenses, including operational costs. However, each program has its specific allowable expenses, so it’s essential to verify with the program guidelines.

9. Where can I get help with my application?

Business support organizations and the council’s economic development team can offer guidance and assistance with your application, helping you navigate the process effectively.

By exploring these resources and seeking professional guidance, you can increase your chances of securing financial support for your startup or small business in Ashfield.

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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