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Last update 05/08/2024

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

In Scarborough, there are several grant and loan options available for startups and small businesses. This guide provides an overview of the opportunities, eligibility criteria, and how to apply.

Grants

Scarborough Business Development Grant Scheme

This scheme is designed to help new and existing small to medium-sized businesses in the Scarborough area grow. It offers two types of grants:
- Business Start-up Grant: Up to £1,000 for businesses with a maximum of 10 employees.
- Business Expansion Grant: Up to £5,000 for established businesses with a maximum of 30 employees.
Please note that this scheme is currently not accepting new applications. However, it's worth checking the North Yorkshire Council website regularly for updates.
Website: Scarborough Business Development Grant Scheme

UK Shared Prosperity Fund

North Yorkshire Council offers grants between £1,000 to £10,000 to improve business productivity.
Website: North Yorkshire Council - Business Grants

Government-Backed Loans

Start Up Loans

This national scheme offers personal loans of up to £25,000 with a fixed interest rate of 6% for pre-start and early-stage businesses. Includes free mentoring and support.
Website: Start Up Loan

Northern Powerhouse Investment Fund (NPIF)

Provides microfinance, debt, and equity finance for small and medium-sized businesses in the North of England, including Scarborough.
Website: Northern Powerhouse Investment Fund

Other Resources

York & North Yorkshire Growth Hub

Offers guidance, advice, and workshops on various aspects of business development, including funding.
Website: York & North Yorkshire Growth Hub

Business Finance Support Finder

This government tool helps you find finance options for your business.
Website: Business Finance Support Finder

Important Tips

Check Eligibility: Before applying, carefully review the eligibility criteria and requirements for each grant or loan.
Contact the Council: Reach out to North Yorkshire Council for the most up-to-date information and guidance.
Network with Other Businesses: Connect with other local businesses and entrepreneurs for advice and support.

Contact Information

North Yorkshire Council

Economic Development Team
Phone: 01609 780780
Email: business@northyorks.gov.uk
Website: North Yorkshire Council

FAQs about Grants and Loans for Businesses in Scarborough

1. Are there grants specifically for online businesses in Scarborough?

While specific grants for online businesses may be limited, broader programs from North Yorkshire Council can support various business types, including online ventures.

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

Funding amounts vary depending on the program. For example, Start Up Loans offer up to £25,000, while the UK Shared Prosperity Fund offers grants of £1,000 to £10,000.

3. Am I eligible if my business is not yet registered?

Some programs may require your business to be registered, while others might support pre-start businesses. Check the specific program requirements for details.

4. What kind of business plan do I need?

A detailed business plan outlining your business model, target market, financial projections, and growth strategy is usually required for application.

5. How long does the application process take?

The application timeline varies for each program. Contact the organizations directly for estimated processing times.

6. Can I apply for multiple grants or loans?

In some cases, you might be able to combine funding from different sources. Consult with the program providers for guidance on this.

7. Are there any fees associated with applying?

Most grant programs do not have application fees, but loan schemes might have arrangement or interest fees. Check the specific details for each program.

8. What if my business is not in a "high-growth" sector?

While some programs prioritize high-growth sectors, others might have broader eligibility criteria. Explore all available options to find suitable funding.

9. Can I use the funding for marketing and advertising?

Generally, funding can be used for various business expenses, including marketing, website development, and inventory. Verify specific allowable expenses with each program.

10. Where can I get help with my application?

Business support organizations like the York & North Yorkshire Growth Hub and local councils can offer guidance and assistance with your application, helping you navigate the process.

This comprehensive overview aims to help you navigate the available funding options for your business in the Scarborough area.

Value AD

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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