BUSINESS EXPANSION GRANT SCHEME (BEGS)
Looking to expand or to relocate to Hertfordshire, your business may be entitled to a grant of up to £100,000 to match £ for £ any investment which you make.
If COVID-19 put your expansion plans on hold, now might be the time to think again!
An investment of £200,000 could only cost your business as little as £53,000, after the grant and tax allowances.
Business Expansion Grants of between £20,000 and £100,000 are now available to businesses in Hertfordshire to assist them expand and create new jobs. Other grants are available in other counties. Please call one of other team for further detail.
Most Small and Medium-sized Enterprises (SMEs) will be eligible for the scheme and it is a great opportunity to receive financial support to grow your business.
There is no set deadline for applications, however there is a finite pool of money available for these grants and are on a first come first served basis. One of the main purposes of this grant is to get businesses in Hertfordshire investing again, helping the economy recover and to create new jobs.
Highlights of the grant:
- Grants of between £20,000 and £100,000, up to a maximum of 50% of the total expansion costs.
- The Grant can be used for the business to help purchase a freehold property or to help secure a lease exceeding three years.
- Particular focus on businesses considering expansion in, or relocation to, Hertfordshire
- Available to sole traders, partnerships, limited companies, social enterprises, not-for-profit businesses and registered charities.
- Applicable to both established businesses and start-ups/businesses at early stages of trading, subject to certain criteria.
- Further grant applications can be submitted by the same business, as long as they relate to a separate expansion plan.
- Planned expansion must include the creation of new jobs – at least one full-time job, being paid at least minimum wage for each £25,000 of grant received.
- The grant is not for the jobs themselves but is to support other investment which leads to job creation.
- No expenditure prior to the date your grant is approved can be allowed against your overall expansion costs. You should not start your expenditure until you have received and formally accepted your grant offer.
- The grant can be awarded within a few weeks.
Please contact us for full details on what expenditure can and cannot be included in your overall expansion plans, and those costs which are specifically eligible for grant payments.
BEGS supports growing and expanding businesses wanting to continue their development. You must be able to demonstrate that your business is viable, has good growth potential and will be self-sustaining in the long term. BEGS cannot support businesses whose balance sheets indicate present or recent trading difficulties.
We at Jones Hunt & Keelings, can work alongside you to create a business plan and help complete the expression of interest form and application forms to give your business the best chances of obtaining the grant. We will work alongside you throughout the process, helping submitting the claim and through the monitoring period until the project has been fully completed.
Please call us to speak to one of our experienced team if you have any questions or are interested in making a grant application.
Further details about the scheme can be found here.