Grants and Government-Backed Loans for Startups and Small Businesses in South Cambridgeshire

South Cambridgeshire offers a range of funding opportunities and business support schemes to help startups and small businesses thrive, including those looking to establish or enhance their online presence.

Government-Backed Schemes

Start-Up Loans:

• Loan Amount: Provides loans of up to £25,000 with a fixed interest rate and 12 months of free mentoring support.
• Eligibility: UK-based business trading for less than 36 months.
• Website: Start Up Loans

Local Enterprise Partnerships (LEP) and Growth Hubs

Business & IP Centre (BIPC) Jumpstart:

• Description: A grant and support program funded by the UK government through the UK Shared Prosperity Fund, specifically for startups in the Cambridgeshire & Peterborough region.
• Delivery: Delivered by the Business & IP Centre Cambridgeshire and Peterborough on behalf of South Cambridgeshire District Council.
• Contact: Check the Growth Works website or contact the BIPC directly for updates on any future rounds of funding.

Growth Works:

• Support Services: Offers a range of programs and services to support businesses in Cambridgeshire and Peterborough, including South Cambridgeshire. Provides access to funding, mentoring, and training.
• Website: Growth Works

Local Authority Grants

South Cambridgeshire District Council:

• Grant Schemes: Offers various grant schemes for businesses in the area, including the Additional Restrictions Grant (ARG) and the Local Restrictions Support Grant (LRSG) aimed at businesses affected by the COVID-19 pandemic.
• Website: South Cambridgeshire District Council Grants and Funding

Other Funding Options

Creative UK:

• Description: Offers loans to small and medium-sized creative and digital businesses at competitive rates to finance business growth.
• Website: Creative UK

The Arts Council's National Lottery Project Grants:

• Focus: Supports arts, libraries, and museum projects.
• Website: Check the Arts Council's website for details and updates.

Eligibility, Application Process, and Required Documents

• Eligibility: Varies depending on the specific grant or loan program. Generally, you'll need to be a registered business (or in the process of registering) based in or relocating to South Cambridgeshire and have a viable business plan.
• Application Process: Typically involves completing an online or offline application form, submitting a detailed business plan and financial projections, and potentially attending an interview.
• Required Documents: You may need to provide business registration documents, identification, bank statements, and tax returns.

Checking Your Eligibility

The best way to check your eligibility is to directly contact the organization offering the grant or loan. They can provide detailed information on their requirements and guide you through the application process.

Government-Backed Business Loans (Alternative to Grants)

If you don't qualify for a grant, consider government-backed business loans:

Recovery Loan Scheme:

• Description: Offers financial support to businesses affected by the COVID-19 pandemic.
• Lenders: Find participating lenders on the British Business Bank website.
• Website: Recovery Loan Scheme

Important Note

The information provided here is a general overview. Always refer to the official websites and contact the relevant organizations for the most accurate and up-to-date details.

South Cambridgeshire District Council Contact

• Website: South Cambridgeshire District Council
• Phone: 01954 713000

Frequently Asked Questions (FAQ)

Q1: What types of business support does South Cambridgeshire District Council offer? A1: South Cambridgeshire District Council offers various grants, including the Additional Restrictions Grant (ARG) and the Local Restrictions Support Grant (LRSG), as well as general business support and advice.

Q2: How much can I borrow through the Start Up Loans scheme? A2: The Start Up Loans scheme provides loans of up to £25,000 for new businesses.

Q3: Where can I find information on available grants and loans? A3: Use the Business Finance Support Finder tool to explore funding options based on your business needs.

Q4: What support does the Growth Works offer? A4: Growth Works offers a range of programs and services, including access to funding, mentoring, and training for businesses in Cambridgeshire and Peterborough.

Q5: Why is a business plan important for securing funding? A5: A well-structured business plan demonstrates your business's viability and your ability to effectively utilize the funds, increasing your chances of securing funding.

Q6: How can networking help my business? A6: Networking with local entrepreneurs and business owners can provide valuable advice, potential partnerships, and insights into funding opportunities.

Q7: What should I include in my business plan? A7: Include a clear description of your business, financial projections, market analysis, and how the funds will be used.

Q8: Are there specific grants for new businesses in South Cambridgeshire? A8: South Cambridgeshire District Council offers the Additional Restrictions Grant (ARG) and the Local Restrictions Support Grant (LRSG), among other opportunities. Check their website for updates.

Q9: How can I stay informed about new funding opportunities? A9: Regularly check relevant websites, sign up for newsletters from business support organizations, and network with local business communities.

Q10: Is there support available for businesses in the Cambridgeshire region? A10: Yes, the Business & IP Centre (BIPC) Jumpstart, Growth Works, and other resources provide support, including access to funding, mentoring, and training for businesses in Cambridgeshire.