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More Funding Available For North East Businesses

By: Paul Clarke
Published: March 10, 2021

Have you got a digital project in mind for your business and would like to get some funding towards it, then this is for you?

We can announce that the North East Business Support Fund (NBSL) have successfully applied for further funding to offer grants to eligible projects for North-East businesses which are now open for application.

Here at Black and white Boy, we are registered suppliers to the NBSL scheme and have helped many businesses fulfil their digital projects with the help of the funding available through NBSL scheme.

We have delivered websites, eCommerce solutions and digital marketing campaigns to help those businesses grow and thrive despite the many challenges small business face in today's commercial landscape, including Covid.

The great news is that NEW funding of £1.6m has been secured and applications are now being invited for relevant projects for SME's in the North East.

What's on offer

Depending upon where your business is located in the North East the offer differs slightly.

Specifically:

  • Businesses located in County Durham, the offer available is funding up to 40% of the value of a project costing between £2500 - £8000
  • If your business is situated in Tyne and Wear or Northumberland, the deal on offer is funding up to 35% of the cost of the project from £3000 - £8000.

Which companies are eligible for funding?

The grants are open to businesses who are based in County Durham, Tyne and Wear or Northumberland who are classed as Small to medium-sized enterprises. The definition of an SME is as shown below:

  • Employ no more than 250 full-time or equivalent employees
  • Annual revenue is no more than € 50 Million
  • Balance Sheet value below €43 Million.

There should also be evidence that there is a plan to grow or to recover from the impact of Covid (staff or turnover).

Also, If the business is involved in any kind of group structure – either being partially or fully owned by another business or having partial or full ownership of another business – NBSL would need details to establish eligibility.

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How Do I make an application

Making an application is simple and shouldn't take more that15 mins. It's all online and easy to understand.

As you may expect it will cover the fundamentals of your business, as well as asking you about the trading history of the business.

If you're a ltd business you will be required to provide audited accounts for the last two years, though if you haven't got them that far back, you can still apply it's just that your NBSL manager will want to know a little more information from you, so its likely they will prefer to do that during a phone call.

Even if your business hasn't been trading that long and you don't have all the financial documents of a more established business, that doesn't mean you can't apply.

All you have to do is show evidence that you have been trading and that you have been able to raise invoices for the goods or services you provide as part of your application. NBSL will use that information to evaluate your application, but will probably also require a phone discussion to discuss it further.

Once your application has been received it doesn't take that long to process and receive a decision, sometimes within a few days.

What Do I Do Once My Application Has Been Accepted?

OK, so you have great news and you have received word from NBSL that your application is successful, now what?

If you have a registered supplier in mind, you can start immediately, once you have received written notification from your NBSL manager.

The project needs to be delivered within a three-month window and should be shown to be complete within that time for you to receive that funding.

So for example, if its a website, this needs to be live on your domain and fully functional within the allotted time.

After this, there are just some small bits of due diligence for NBSL to oversee such as seeing evidence that the project has been paid for.

Once that has been done, the grant will be paid directly into your bank account and is normally pretty swift.

NBSL state that this would be done within 30 days of completion, but in reality can take as little as a few days.

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