Business start up fund
The aim of this fund is to support the creation of new businesses in the county, resulting directly in the creation of jobs, thus improving the local economy. The fund is a third party grant scheme, which will include support towards capital expenditure projects and specialist revenue expenditure where new jobs are created as a result of the support.
What is on offer?
- Grants available between £1,000 and £10,000.
- Each grant award will be based on 50% of eligible costs OR a maximum of £5000 per job created whichever is the lesser. (At least one new job must be created in order to access the fund). The business owner can be counted as a job creation if the business has yet to start trading.
- The minimum grant award is £1000 (based on at least one new job created) and the maximum grant award per business is £10,000 (based on at least 2 jobs being created)
The fund is only available for pre start businesses (not yet trading) or businesses trading for less than 6 months located within Carmarthenshire. Evidence such as HMRC registration, bank statements, first invoice, etc. will be required to prove trading dates.
Support is aimed primarily at new businesses to be operating in or servicing the following growth and foundation sectors:
- Advanced Materials and Manufacturing;
- Creative Industries;
- Energy and Environment;
- Finance and Professional Services;
- Information Technology and Telecoms;Life Sciences;
- Food & Drink;
The following sectors however are ineligible for support:
- Primary agriculture production
- Statutory services, e.g. health and education.
Applications will however be considered on a case by case basis subject to their potential contribution and value to the local economy, e.g. creation of jobs in town centres, rural areas, link to key strategic projects, such Yr Egin and Llanelli Life Science and Well-being Village.
All expenditure associated to the grant must be completed within 4 months of the date of approval letter. The proposed business and associated jobs must be created within 12 months of the final payment of grant. Monitoring of the business and jobs created will take place and evidence will be required. Failure to achieve the committed outputs could result in the claw back of grant funds.
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