If you are an independent start-up business, or SME, the government launched a Growth Vouchers scheme last year that we have recently jumped on board with.
The focus is to encourage the development of smaller businesses by part-subsidising the cost of ‘strategic business advice’.
The scheme aims to deliver support to 20,000 businesses across the UK; businesses will be randomly chosen from a pool of applicants.
What specific areas are covered by ‘strategic business advice’?
According to the government website, there are five key areas where you can seek support and receive funding – these are:
- – Finance and cash flow
- – Recruiting and developing staff
- – Improving leadership and management skills
- – Marketing – attracting and keeping customers
- – Making the most of digital technology
For a more detailed breakdown of what you can gain from these areas, select one from above to download a PDF from the Enterprise Nation website.
How much of the cost does the Growth Voucher cover?
The government will cover 50% of your costs up to a maximum of £2,000; any spend that you make in excess of £4,000 will not receive any further funding.
Initially you will pay the cost of the service in full, but you can claim the money back by using the following claim form.
What do I have to do to qualify for the Growth Vouchers?
To be eligible for the growth vouchers, your company must:
- – have 249 employees or less
- – be registered in England
- – be actively selling goods and services
- – be independent (no more than 25% can be owned by other businesses or organisations)
- – have a turnover of less than £50 million
Who are the business advisers?
The business advisers are based all over the UK and, similarly, are smaller businesses. Over at the Enterprise Nation website, you may encounter many company profiles with an ‘Approved Growth Voucher Adviser’ stamp next to their name. These are the only companies you are able to spend Growth Vouchers with; any profile without one has not yet submitted the required PI Insurance and Trade Body certification, or they are awaiting approval.
For a full list of advisers, click here and select a category.
Can I choose which category I use the voucher in?
Not exactly. The voucher is to be spent on aspects of the business that are currently underdeveloped and can help achieve growth; they are not intended to “subsidise practical advice on how to tackle specific tasks relating to running a business”.
However, if you have a good reason for wanting to use your vouchers in one of the other categories, there is a possibility this can be changed. To read the full terms and conditions, follow this link.
If your application for Growth Vouchers is successful, you can spend those with Nettl of Glouceser inc. Absolute Creative if you wish! Visit our page by following this link.