Going large? At Nudl, we love to see it – and our funding advice can help you on your way.
Large capital grants do pretty much what they say on the tin but how to apply for – and most importantly, win – them isn’t quite so straightforward.
For the uninitiated, these grants, which are largely aimed at SMEs, although some larger businesses may be eligible, are for significant capital expenditure projects, and offer a lot of money – in the Tees Valley, for example, the threshold starts at £50,000 of grant money sought.
The type of projects that will be eligible are those that will create new, sustainable jobs within a specific geographic region.
However, as Spiderman will (kind of) attest, with great money comes great responsibility, and it’s perhaps obvious that there is a lot more detail required in a large capital grant application than your common or garden variety.
That’s partly because these types of programmes operate under something called State Aid, a set of strict rules and guidelines.
Generally, a successful application/project must meet the following criteria:
• Create or safeguard sustainable jobs within the applicant company
• Offer good value for money in terms of value of grant per job created
• Have adequate private sector funding for the project
• Comply with any State Aid regulations and specific fund rules
As if that wasn’t enough, there are also additional fund-based rules added into that mix, which can add an additional layer of complexity.
No two applications are the same, but there is often a multi-stage approach at which applications are assessed.
Next, in many cases, comes the panel stage, where a group will discuss the application, its merits and all the different factors involved.
Next there will be a due diligence stage before the final recommendation is made.
Sound like hard work? Not for the Nudls; applying for grants like this is our bread and butter – the more complex the better (we love to get our grey matter going).
So if you’re looking for the final push to get your project to completion, or just want to know if you’d be eligible for one of the large capital grants, use your Nudl and get in touch on 01642 133 183 or email email@example.com