The Sheffield City Region Investing For Growth (IfG) Fund aims to increase the number of social enterprises in the Sheffield City Region Local Enterprise Partnership area that are ready for growth, and can access the finance that they need. Part funded by the European Regional Development Fund (ERDF), via the Ministry for Housing, Communities and Local Government (MHCLG), this is a £3.3m project which will close on 30 June 2023.
The fund is focused on existing organisations based and/or substantially operating in the Sheffield City Region (SCR), which comprises Barnsley, Bassetlaw, Doncaster, Rotherham and Sheffield, who are looking to grow their trading activity.
In terms of support, eligible organisations can access some or all of the following:
- One to one growth support – business plan review and feedback, financial model analysis etc
- One to many growth support – workshops and masterclasses
- Growth grants – for capital expenditure from £5k to £25k
Applications will be made via an application portal and then assessed for support needs.
Are you eligible?
- Activity to be supported/grant funded must be in the SCR.
- Support/grant funding must be focused on business growth/development.
- Applicant must have clear social aims and objectives, and fit one of the following descriptions:
- Not for private profit
- Asset locked
- Have clear policies or restrictions around profit distribution (at least 51% of profits reinvested for social aims and objectives)
- Must meet SME definition – less than 250 employees, turnover of less than E50m and assets of less than E43m.
- Can only support existing social enterprises that have been trading for over 1 year.
- Grants can only be used to cover capital costs.
- Must be financially stable (solvent).
- Must qualify for grant under de minimis – have received less than E200k in the last three years.
- Must have relevant insurance, permissions and policies in place (particularly when working with vulnerable people- children, disabled people, older people, people with mental health challenges etc.).