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Start up Capital Fund

Start up Capital Fund

What is it?
The Start up Capital Fund helps recently established small and medium sized businesses trading less than 12 months to purchase necessary capital equipment, to aid their business growth and survival.

What is available?
The North East England Investment Centre (NEEIC) will administer this fund and will offer financial support to eligible projects.

Support will be restricted to a minimum investment of £1,000 (matched with £1,000 of business cash contribution) and capped at a maximum investment of £3,000 (matched with £3,000 of business cash contribution) at a support rate of 50% of the eligible expenditure. The minimum value of any single item must be £250.

Please note, customers will need to pay for the items in full prior to receiving their contribution from the NEEIC.

We anticipate that most applicants will also be in need of support from other Solutions for Business products and other NEEIC funds, which are already available.

When is it available?
The fund will be launched in the NEEIC on Monday 14 December 2009 and new businesses (0-12 months) can access this support by calling Business Link on 0845 600 9 006.

What is the application process?

Referrals from enterprise agencies should be made in the usual way, by calling Business Link on 0845 600 9 006 or emailing enquiries@businesslinknortheast.co.uk

After a referral is made, a Business Link adviser will meet with the customer, assess their needs and if eligible, they will refer them to the NEEIC to submit an online application form, and support them through the process.

Applicants will be restricted to one application in any 12 month period.

As part of the application process, businesses will be required to provide a minimum of three quotations for all items, demonstrating how they will ensure they are obtaining value for money.

All investments will be strictly subject to a signed legal agreement and the terms contained there-in.

Where can I find out more information?
If you have any questions about this support, please contact Business Link on 0845 600 9 006 or email enquiries@businesslinknortheast.co.uk

Download Fund Criteria Document