Grant Funding Opportunities For Perth & Kinross Based Businesses
There is no denying that business is operating in challenging economic times; post Covid-19, Brexit and the war in Ukraine has placed an unparalleled series of pressures on companies of all sizes and with that, an inflation increase of 9% (figure as at May 18th 2022).
When considering business finances, therefore, it is more important than ever to ensure all avenues have been explored and a robust strategy focused on sustainability, growth, and futureproofing is in place.
There are currently six key funding opportunities available via Perth and Kinross Council and other government agencies at the moment.
- Micro Enterprise Fund
- Crowdfund Perth and Kinross Business Fund
- Green Recovery Capital Development Fund
- Beyond Scotland Market Development Grant
- Open for Business Fund
For specialist pots or larger funds you may find Scottish Enterprise offers additional opportunities; in Scotland businesses can look to Find Business Support for the most up to date information.
“It is more important than ever to ensure all financial avenues have been explored and a robust strategy focused on sustainability and growth is in place”
Reasons for Seeking Business Funding
A British Business Bank Survey published in 2019 found that 44% of SME businesses sought some form of external funding in the previous three years. Whilst the landscape has shifted significantly since then, the key reasons behind funding applications remain the same;
- Starting a New Business
- Capital For Business Improvements
- Growth Funding
- Asset Purchase
Good cash flow is essential to a small start-up business and while most directors will use their own funds to start the business, external funding can bring added value at this crucial stage. Grants can be used for everything from marketing to purchasing equipment and allow businesses to access funds that many traditional finance providers might consider a risk.
Growing your business and increasing sales often requires you to purchase assets such as new machinery or vehicles. While you may have enough cash to cover working capital expenses for your company, you may look to funding opportunities to cover the purchase of new assets to enable your business to expand or to improve your carbon footprint or efficiencies.
If you’re established and seek to grow your business – either by increasing sales, improving efficiencies, expanding your range of products or services, moving into new premises, or expanding internationally – a grant for growth finance can help.
Micro Enterprise Fund : Administered by PKC
This small grant offers a fantastic opportunity for businesses of all sizes and stages, and can be used for a variety of projects ranging from marketing to property improvement.
This fund covers projects or purchases that will facilitate small businesses with 10 or fewer employees as they grow or expand their business, or to assist individuals looking to start a business. Award offers up to £1,000 covering up to 90% of eligible project costs.
The Micro Enterprise Fund has helped a number of local businesses over the past year and we are pleased to see it continue into 2022/23.
Criteria for viable projects
You must be able to demonstrate the project is essential to on-going business growth and that it will have a positive economic impact on the local area. Examples may include:
- Purchase of capital equipment (excluding vehicles) for the purposes of expansion
- Acquisition or improvement of commercial property for the purposes of expansion
- Development of e-commerce platforms or digital transformation activities
- Specialist consultancy support
- Targeted marketing in relation to new markets
- As leverage for co-finance to secure additional investment through debt or asset finance etc
Green Recovery Capital Development Fund
Open to companies of all sizes and stages looking to grow their business through capital investment with an emphasis on reducing their carbon footprint.
The fund provides specific support to businesses, enabling them to invest in capital projects to implement new systems, new ways of working, new machinery, and investment in green technology. Projects leading to a low carbon future will be assessed most favourably for this fund.
Grants are available up to £25,000 covering up to 50% of eligible costs. Project must be of minimum £10,000, (this equates to a minimum £5,000 match from the business).
This fund is available for Capital expenditures. IE to acquire, upgrade, and maintain physical assets such as property, plants, buildings, technology, or equipment (excluding vehicles). In order to satisfy the criteria, making capital expenditures on fixed assets should increase the scope of the operations or add economic benefit to the operation.
Crowdfund Perth and Kinross Business Fund
Open to new business start-ups or existing SMEs with the opportunity to grow via community support
Crowdfunder and Perth and Kinross Council have teamed up to make £150,000 available to enable individuals, businesses, and communities to create, establish and grow businesses, projects and services that are making a real difference to the local economy.
If you are a new business start-up or an existing SME looking to grow with community support, then you may be eligible for the funding. To get started, you will create your Crowdfunder and push it out into your local community. The experts at Crowdfunder will help you do this with a series of tools and templates and an exciting platform from which to grow.
Once 25% of the total project target has been raised from a minimum of 20 unique backers the council pledge will be made. This ensures your project is valued by your community and seen as bringing benefit to the area.
To be eligible for match funding, businesses must be:
- Based within the Perth and Kinross area
- Be formally constituted in the UK, with a bank account
- Help residents into /closer to employment, or bring economic benefit to the area.
- Demonstrate strong local support, shown through a vibrant crowdfunding campaign
- Priority will be given where the project is an existing independent, small or medium sized enterprise seeking to grow
How does the match funding work?
- Once 25% of the total project target has been raised from a minimum of 20 unique backers the council pledge will be made.
- The maximum council pledge will be £5,000 or 50% of your target (whichever is the lower)
- Following receipt of a council pledge, you will also need to reach 100% of your initial funding target in order to secure the funds.
- If you’d like to explore Crowdfunding then click through to find a wealth of resources including planning, creating and running your project.
Beyond Scotland Market Development Grant
This grant offers support for SMEs to explore both international export markets and opportunities across the wider UK.
Grant funding is intended to be used for projects such as attending trade exhibitions, trade missions, the provision of specialist export training, new market research or other export capacity building activity. It can also be used for specific marketing campaigns with a focus on new markets beyond Scotland.
Up to £2,500 covering up to 50% of eligible costs is available. Contact the PKC trade, enterprise, and investment team for more info.
The Beyond Scotland grant helped us to improve our digital reach and increase sales.”Diane Brown, Provender Brown
Open for Business Fund
The Open for Business Fund is an excellent opportunity for retail, hospitality and office based businesses to improve their frontage and increase their kerb appeal.
The fund aims to encourage small businesses to ensure that the frontages of their premises are updated, welcoming and encouraging local and visitor expenditure. The scheme can provide grants of up to 50% of costs for projects that will improve facades, address empty properties, support pop up shops and contribute to a general freshening up of our streets. You can find find details on criteria here >
This successful fund is now in its second year and has successfully assisted many local businesses in upgrading their premises including Terra Botanica, Petite Pas, The Bean Shop and more.
Up to £10,000 covering up to 50% of eligible costs is available.
Please note, Open For Business sits below the vacant property fund on this page.