Recovery and Growth Fund - FAQs
Q1 - I am thinking about setting up a business - am I eligible to apply for a grant?
A - No - Only businesses that are already trading can apply for a Recovery & Growth grant.
Q2 - I am Self Employed and work from home - am I eligible to apply for a grant?
A - Yes, Self Employed people can apply for the grant. They must be trading from a base within the South Holland District and have a UK business bank account.
Q3 - How long is the funding available for?
A - All of the funding must be invested before 31st March 2022 so we envisage approving applications through to the end of 2021, giving three months for businesses to make their purchases and claim the funding. However, as it's a competitive process and because the money is limited the fund might be fully committed before then.
Q4- How long do I have to claim my grant?
A - Once a decision has been made and an offer letter issued you will have 3 months to make the investment and reclaim your grant. Failure to claim a grant before the 31st March 2022 deadline will result in the funding being withdrawn.
Q5 - Can I submit more than one application?
A - Yes it is possible for a business to submit more than one application for Grant funding. However, these may not be assessed until towards the end of the investment window when we have a clearer idea of the level of funds that remain.
Q6 - Is there a limit on how much I can claim back?
A - Yes, the maximum for any one grant is £24,999
Q7- How long will it be before I hear whether my application has been successful?
A - We are expecting there to be considerable demand from local businesses which may result in a delay in us assessing your application. We do however expect to be able to communicate the decision outcome decision within one month.
Q8- What supporting information will I need to provide with my application?
A - We need your most recent set of accounts, or your business plan if you've been trading less than 12 months. We also need a completed application form and 1 or 2 quotes depending on the size of your grant application.
Q9 - Is the Grant paid to me or my business?
A - All grants are paid into UK business accounts bearing your business's name. To minimise the risk of fraud and as part of our financial due diligence we are obliged to check that bank account details are correct so you may be contacted in due course by a member of our team.
Q10 - Is this grant available to businesses who are based outside of the District?
A - No, only businesses based within the District can apply for a grant. Mobile businesses that do not have a base in South Holland must prove that the majority of their turnover is generated within the District.
Q11- How will I know if the funding has been exhausted or if the scheme has changed in any way?
A - We will use the South Holland Website to provide updates on the funds status or changes to the scheme.