As business transfer agents, Jacob and Jones are constantly trying to give our clients up to date and useful information on how to fund and manage their business. In this blog, we will describe a number of Business Grants available in the Glasgow area.
Finding a business for sale is the first and easiest step in business transfer process. After sourcing funding to purchase the business, you will then have to look at on-going income and expenditure. Luckily there are many sources of funding available to those in certain areas. The main issue is finding out about these funding sources.
In this blog, we will explain some of the grants available within the Glasgow City boundary for new and existing businesses.
Business Start Up Grant (new businesses) – Grants of up to £1,000
This is the easiest grant to access. Its available for new-start businesses and those that have been trading for up to 6 months. Its only available to those companies in the Glasgow area and is limited to £1,000.
The grant is for the purchase of computers / fixtures & fittings / consumables (stationery, etc).
For more information call Business Gateway on 0141 276 5333
New Business Fund (new businesses) – Grant pays up to 80% of rent
This superb grant will pay 80% of your business rent in the 1st year, 30% in the 2nd year and 30% in the 3rd year. The grant is limited to £15,000 per business and the business premises must be in the Glasgow area.
To access this grant you must provide detailed business plans showing that the business is sustainable and likely to support employment.
This grant is reasonably difficult to access and you must make sure the business plan is detailed, understandable and shows real potential.
Commonwealth Jobs Fund (new & existing Business) – 50% of salary paid for 12 months
The Commonwealth Jobs Fund is available to ALL business within Glasgow with less than 250 staff. This grant pays 50% of the new employees salary for 12 months. The employee must be between 18 and 24 years old, being unemployed or underemployed for over 6 weeks and the pay rate must be the living wage (£7.20 per hour).
This is an easy grant to access especially if the business has been operational for more that 12 months. For new businesses, you will have to provide business plans.
For those looking for a business for sale in Glasgow, the ability to receive 50% of an employee’s pay for 12 months is a great why to reduce your outgoings on your new venture.
We hope the information above will be helpful to you when looking for a business for sale.
If you know of any other business grants available in Scotland, please post to this blog.