DRIVE is a business mentoring and capital grant funding support programme for small or medium-sized enterprises (SMEs) in Norfolk or Suffolk that want to invest in a new project, which can assist with growth & expansion plans. We have 12 hours of free business mentoring available for applicants to discuss the project and business plans with one of our Business Mentors. Once an applicant has finished the mentoring, they can write and submit a grant application for up to 40% of a project’s total costs – capped at £30,000. What can an applicant use DRIVE for? DRIVE’s mentoring sessions are tailored to a business’s specific needs, so if you’re somebody who has never written a business plan before or you’ve written several, our team can help. DRIVE Business Mentors can assist with everything from marketing to risk assessments to competitive analysis, but ultimately, they exist to help you to design and perfect a realistic project plan that could potentially be awarded funding. DRIVE can only support capital investment projects – items that go on to a business’s asset register – so, we can support projects that mainly involve equipment purchases, technology upgrades & innovation, expansion plans, and tourist attractions. This is not a definite list. Who can apply? The DRIVE Team reviews every enquiry on a case-by-case basis because we know some businesses aren’t always straightforward in terms of structure or identification. Most eligible applicants have something to do with: manufacturing, engineering, accommodation, and private sports facilities. However, email [email protected] for a personal assessment. We cannot support all businesses due to regulations set by our funding provider, the European Regional Development Fund. We cannot assist those primarily involved with cafes, restaurants, bars, pubs, agriculture, horticulture, primary processing, health care, and accredited training. Examples of successful applicants
- An engineering company purchased a CNC machine.
- A brewery bought new cleaning equipment and barrels.
- An animal feed business obtained a new fridge freezer.
- An accommodation business purchased a new houseboat.
“We’d hugely recommend working with DRIVE; it’s been a game changer for our new start up in its infancy and we’re enormously grateful for the experienced support we received throughout the process too.” “I would definitely recommend DRIVE to anyone else for several reasons: the application is pretty straightforward, the mentoring shined a light on our strengths and weaknesses as a business, and the funding available is hugely attractive.” Any red tape?
- All eligible DRIVE applicants must impact the rural economy in one way or another – usually via site location, employees, customers or supply chain.
- All applicants will need to create new employment that is directly related to a project. Our benchmark is that for £25,000 in funding, we would expect to see 1 new full-time employee hired.
- DRIVE will potentially fund any activity that is eligible via ERDF regulations.
- We can support start-ups, but they will need to show more job creation within their 3-year business plan.
- A minimum total cost for a project is £12,500.
Additional information
- DRIVE will issue State Aid letters for our Mentor support at £50 per hour – there will be no invoice to pay.
- The process (from eligibility checks to an offer letter) takes about 2-3 months.
- DRIVE grants will be awarded under de-minimis (EU State Aid).
No expenditure can be incurred prior to signing a grant offer letter.
- Payments will be paid arrears.
- All applicants will need to show they can access sufficient funds for a project to go ahead.
DRIVE Contacts Email: [email protected] Website: www.driveforbusiness.co.uk Phone: 01603 222643 Twitter: @norfolkforbiz