Over the past couple of days, the local Growth Support Hub have released some further information about the application process for the Kickstart grant. Here is an overview of what we now know:
- The grant has been reduced to between £1000 – £3000 with only grants of £5000 being applied in “exceptional circumstances”. The reasoning behind this decision was to increase capacity for more businesses to receive the grant.
- You must submit one valid quotation per item you are claiming for, whether that be professional services or hardware.
- They are planning to approve grants within 14 days, depending on demand and the application being completed correctly
- No match funding will be required to apply for the grant
- If your grant is approved, you will then need to purchase what you claimed for from your current businesses reserves and then send the invoices to your local growth hub or reimbursement.
- You must use the grant money within 90 days of your grant approval
- The scheme is open until the 28th of Feb 2021, or until the funding has all been allocated, whichever comes first
There is also mention of no capital expenditure being allowed as part of the grant, your local growth hub should soon publish a list of eligible expenditure. However “Minor items that are an adoption of new technology that support the day to day running of the organisation” and “Minor items that are an adaption of existing technology that supports the day to day running of the organisation” will be allowed.
The application process will involve submitting answers online for 24 questions. You will have to demonstrate an impact to your business in at least one of the following areas:
- Cashflow issues due to a reduction in sales, late payment from customers, increased supplier costs.
- Staff, are your staff furloughed
- Social Distancing measures
- Temporary closures due to Government lockdown
We stand ready to help you with your applications however we can, from providing quotations to free 30-minute consultation sessions to identify how technology can improve your business due to the effects of Covid.
We will keep a close eye on further developments and update this page accordingly.