The Oldham Business Growth Fund has been created to support businesses in the borough to accelerate business growth projects.
It is aimed at those businesses whose growth plans were affected, or put on hold, by the pandemic. The grant will support business investment projects that will result in business growth and new employment opportunities for local residents.
Growth can be either in terms of new products or processes that will result in increased sales and employee numbers.
The Oldham Business Growth Fund will provide a grant of up to 50% of total eligible costs, with a maximum grant of £20,000.
Priority will be given to applications from
- the manufacturing, creative and digital sectors
- those with a high economic impact (jobs)
- those that focus on innovation and carbon reduction (net zero).
Purpose of this grant
The purpose of this grant is to:
- help businesses achieve their growth potential through investment in products and processes.
- "build back better" the economy of Oldham by encouraging investment in the borough.
- support the creation of employment opportunities for Oldham residents.
- Businesses located in the borough of Oldham.
- Businesses that are solvent and that do not face a striking-off notice or liquidation.
- Businesses that have an up-to-date business growth action plan to show that they are sustainable.
- Investment projects that have a total value of £3,000 or more.
- Retrospective projects.
- Investment projects that have a total value of less than £2,999.
- Up to 50% of total eligible costs to a maximum grant of £20,000.
- Grants will be paid upon evidence of payment including bank statement transactions and receipted invoices.
- Amounts are not negotiable, and the council's decision is final.
- There is no right to appeal a decision and the Council has the right to change the amount of grants awarded/offered without prior notice.
Only businesses that can evidence the following, will be considered for a grant:
- Growth predictions of at least 10% in turnover.
- Significant increase in employee numbers in relation to the existing number of employees.
- Commitment to post-award PR.
To evidence this you will need to provide and upload the following within the application form:
- An up-to-date business growth action plan which provides a short description, total cost and start and finish dates of the investment project, as well as how and when growth will be achieved and what the outcomes will be. (The Business Growth Hub can support this free of charge. For further information please email: firstname.lastname@example.org
- Latest audited accounts.
- Signed and dated lease/mortgage agreement.
Without this information, applications will not be processed.
- Only completed applications with all the required supporting documentation will be processed.
- By completing and submitting the application the business confirms it is eligible for the scheme.
- An acknowledgment email will be sent once an application has been received.
- Grants are subject to eligibility, state aid, and availability.
- Applications open on Mon 4 October and close at 5pm on Friday 5 November 2021.
You can apply for the Growth Fund using our Additional Restrictions Grants form:
- One-off payment by BACS.
- 1 grant per business not per property.
- Grant income is taxable.