What is funding for?
Boost It is a fund to help social enterprises that have been trading for up to three years to strengthen their businesses so they can successfully sustain trading. It can also help social enterprises at the start-up stage if they need an injection of capital to be able to get their idea started.
You can apply for any amount between £30-50K as a repayable grant. Some examples of what you can use the funding for include: buying stock of your product, purchasing equipment or investing in digital infrastructure, staff wages, amongst others.
Who can apply?
Boost it is the right fund for you if you:
- Have a social enterprise idea and want to get it off the ground, but need an injection of capital to get started. You must have a legal structure already in place.
- Your social enterprise has been trading for up to three years but needs further support to increase your trading activity and become sustainable.
Your social enterprise must have a strong business model and have identified (or already undertaking) income-generating activities.
You must also meet our eligibility criteria, which is outlined in our expression of interest form.
When do I repay my grant?
After year one, and only once your enterprise starts making a surplus, the repayments kick in. You will repay a small proportion of your profits (agreed on receipt of award) over three years.
How does the Boost It application process work?
Boost It is designed to help all suitable enterprises receive the finance they need. If you are interested in applying for Boost It, then you should submit an expression of interest form. After we receive this, you will go through the following steps:
- An application support meeting: This is a one-to-one meeting with one of our Relationship Managers. In this meeting you will discuss strengths and improvement points of your business and gain insight into what is required at the application stage. If your business would benefit from additional business support, then you will be referred by the Relationship Manager.
- Business Support: You will receive up to three sessions with a business adviser. Your business advisor will be able to help you strengthen your enterprise, which will enable you to submit a strong application.
- Prepare and submit your application: It is up to you to decide when you would like to apply, however, we would recommend you take advantage of the support available and apply when you feel confident that your application meets the Boost It requirements.
- Assessment and Panel Pitch: We assess applications on a quarterly basis against our criteria. So, if you are needing the financial injection quickly, you should be mindful of when these assessment cut-offs are; the Relationship Manager should highlight this in your first meeting. Once your application has been assessed you will be expected to attend a Pre-Panel Coaching session in the lead up to a compulsory pitch to our panel.
You should hear the outcome of your application within a few days of your pitch to panel.
Have any questions?
Check out our Frequently Asked Questions. If you can’t find the answer you are looking for, get in touch via our Contact Us page, by phone or use our LiveChat feature.
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