Small Business Grants from Velocity Growth Hub: SEMLEP
Uzair: Hello and a very warm welcome joining on this Hangout on Small Business Grants.
My name is Uzair and I’m very pleased to say that I have Bisola Orimalade from Velocity
Growth Hub with us online. Bisola is going to talk about how small to medium size businesses
can get access to government grants. Hello Bisola how are you?
Bisola: Hi Uzair how are you? I’m fine thank you. Thanks for having me on.
Uzair: Thank you for coming over and to have you on this Hangout. So give us a little bit
of introduction of who you are, what you do?
Bisola: Okay. So my name is Bisola Orimalade and I’m a business advisor for Velocity
Growth Hub. We’re based in Cranfield but we cover the South East Midlands. We are part
of SEMLEP, which is South East Midlands Local Enterprise Partnership. We cover parts of
Northamptonshire. We cover parts of Buckinghamshire. The whole of Milton Keynes and the whole of
Bedfordshire. SEMLEP is funded by central government and 11 local authorities in our
geographical area, and also through private funding as well. SEMLEP have been taught to
work in infrastructure, skills, and business growth, and Velocity sits under business growth
for the SEMLEP area yes.
Uzair: Okay. So is this for local business?
Bisola: We support SME’s up to 250 employees in the SEMLEP area. We have 5 business advisors
in total covering the area. We have 2 in Bedfordshire. I cover Luton and South Bedfordshire. We have
another advisor covering Bedford and North Bedfordshire, 2 in Northampton and another
advisor in Milton Keynes. So we help local SME’s in those areas, grow and expand their
business.
Uzair: So how can these grant be used for taking the business to the next level, help
to expand the business?
Bisola: Okay. So Velocity has a range of 36. We are business advisors and we help and support
and mentor SME’s. We also have workshops we deliver, which will start in around September
time. We are still working out topics. However last year we ran various workshops. Some of
which are Smash your Sales Target, Leaderships Techniques, and Negotiating Successfully,
and Social Media, Online Marketing. So workshops around topics that will help you grow and
expand your business. We also have webinars. We collaborate with government professions
like accountants, banks, to deliver information on tax and different issues SME’s are facing.
So you can join the webinars. If you go on velocitygrowthhub.com, you can get all that
information there. We also have grants available, which will be available hopefully by July
of this year.
We are being funded by the European Regional Growth fund, and we are hoping to have the
grant ready. SME’s to apply around July this year in a few months. That’s 2 types
f grants an SME can apply for. We have Revenue grant and Capital grant. Revenue grant are
for things like website development, consultancy, business processes. That is from £1000-£10,000
grant funding available, but it has to be matched by the SME. We will add 23% for the
revenue grant and the SME will contribute 66%. For the Capital grant which is from 5000-50,000
and that would be for major things. You need to move into a SEMLEP area, and you need to
buy equipment, and you need to get new premises. Things like that we could help fund you and
that would be 25% match. So we would contribute 25% and the SME would contribute 75% to the
total grant funding. With every 5000 pounds received, an SME would have to create one
job. So all of this is draft at the moment, because we are still waiting for the grant
funding from the Regional Growth Fund to come through, but this is just draft at the moment.
It could be subject to change, but this is basically what might look like when we get
through.
Uzair: Okay brilliant. For any small business grant businesses need to apply before they
invest in a website, or any kind of equipment to purchase?
Bisola: Yes you can’t play retrospect, so you have to wait until you’re approved before
you carry on your project. If your project cannot wait before, unfortunately you won’t
be able to apply for the grant. You will have to obviously wait, apply for the grant. If
you are successful then you can move ahead with the project yes.
Uzair: So am I right, that the business owner has to pay the full 100% towards say a website,
and then claim that 33% back from Velocity?
Bisola: Yes that’s correct. Obviously this is all subject to change, but yes that would
be the case yes.
Uzair: How lenghty or simply this process is for applying a grant? How and where does
one start?
Bisola: Once we are approved, if we are approved should I say, I would obviously work with
my clients to help complete the application form, and they have to attend the panel. They
would then find out if they are successful. All this is subject to change, once we get
the go ahead from the ERGF which is the European Regional Growth Fund. They could be a different
criteria but this is what we ran last year. So this is based on what we ran last year.
So you apply for grant, you fill out an application form, we will work with you. There are some
criteria’s you have to complete obviously. We work with you, apply for the grant, go
to a panel, and if you are successful obviously we will let you know. Once that’s correct
then you have 3 months to claim the money. This is based on what happened last year.
Uzair: Okay. So once somebody applies you have this interview process, and it may take
a few weeks or a few months perhaps.
Bisola: It takes a few weeks, possible a few months. I can’t tell at the moment because
we’re still getting all that information, but it could take a few weeks. I’m not sure,
a few months. Not sure but a few weeks definitely yes.
Uzair: So it’s best to plan ahead and get your business plans, and your cash flow in
place before you commit to this kind of funding.
Bisola: Uzair exactly. What we are all doing at the moment, we are going out and about
seeing clients and telling them about the grant funding, and just looking at what they
need. They will say yes you could get qualified for what you want to do. Then once I have
all the information necessary, I would then forward it to the client.
Uzair: Okay. So let’s talk a little bit about the seminars, events, and the webinars
which were hosted last year. Are they free of charge, or full day, half day? What kind
of events are these?
Bisola: Okay we ran workshops last year and webinars. Webinars are recorded and obviously
they are on YouTube. So if you just Google Velocity webinars, they will come up on YouTube.
The workshops some of them were half day, some of them were 3 hours. Most of them were
3 hour long, and it covers a range of subjects. We are still looking at subjects we are going
to do this year, and we are hoping to put that on around September time, if we are approved
by the Regional Growth fund. They are free as well, there are no cost. All of this service
they are free to SME’s, and with every SME you are entitled to 12 hours support from
Velocity, and there’s no charge to any of the SME’s at all.
Uzair: Wow that’s brilliant. So what this 12 hour support can be used for?
Bisola: It could be used for if you wanted to talk about the expansion of your business,
wanted to talk about how to grow your business. Or some business of survival mode, you just
need help. We are there to help and support you, just things like that. We are not there
to do the work for the client, but we are there to support you, to advise them on what
to do and what we think. If we can’t help them, or if they need specially support, we
have different partner agencies we can refer them to. We work with local authorities and
different accountants. We have different accountants we work with, not work with. We recommend
any accountant or any solicitors, any professional services. But if the client needs that, we
might suggest various services for them to contact, if they need any specially support.
Uzair: Oh that’s brilliant. So is this 12 support irrespective of whether you apply
for the grant or not, and you can get access to this 12 hour support?
Bisola: Yes. The grant is just a part of the service we offer. Any SME in the SEMLEP area
can apply for 12 hour support. You have to be business to business. We can help business
retailers as well, but the retailers won’t be able to access the grant. However they
can access the support. So we work mainly with business to business, who have been trading
for a year and over.
Uzair: Okay brilliant. So what would be your top tip for somebody listening in, and would
like to apply for the small business grant? What do you think lots of people make mistakes
before they apply for such a grant?
Bisola: Well the first thing any SME should do is contact Velocity, and book in with a
business advisor who would come out to their premises, and talk to them about their needs.
That’s the first thing to do, and then after that then the advisor will be able to help
them and guide them through the application if they qualify.
Uzair: So is this consultation completely free of charge, and no obligation?
Bisola: There is no obligation; it’s completely free of charge. We will be funded by ERGF
so there is no charge to the SME at all. It’s just a phone call. We will come to the SME,
and go through our services and help them as best we can.
Uzair: Brilliant. Thank you Bisola so much for your time. We unfortunately come to the
end of this Hangout. I thoroughly enjoyed this Hangout. You gave some really great tips
on how small businesses can utilise this grant, and also your services from Velocity. Thank
you to everyone who joined into this Hangout as well. Please subscribe to our channel for
the latest updates. Till next time is good bye from me. Thank you Bisola, bye for now.
Bisola: Bye.