Business West is inviting applications from ambitious businesses with at least two years of sustained growth, who would benefit from a £5,000 grant to work with a coach to accelerate their business growth.
Building on the success of the Scale-Up Coaching grants scheme, delivered in partnership with Enterprising West of England, Business West is launching a new High Impact Scale-Up Coaching Grants programme, designed to help both West of England businesses on the cusp of becoming scale-ups and fully-fledged scale-ups overcome the key challenges to growth.
With 84,162 people in the West of England employed by scale-ups, the continued creation and growth of these businesses is crucial to the sustainability of the local economy, yet 47% of UK scale-ups said they felt there was little support available to help businesses like theirs.
The High Impact Scale-Up Coaching Grant programme wants to fix that by helping businesses access the training they need, with a coach of their choice.
The 2017 ScaleUp Review found that the key barriers to growth for small and medium enterprises are:
- - Access to talent
- - Access to home and international markets
- = Building leadership capacity
- = Finance
Further to this, 65% of UK scale-up companies said access to leadership development and training will be vital to their continued growth.
The High Impact Scale-Up Coaching Grants programme has been developed to support businesses to overcome these barriers through intensive and strategic coaching, with a coach or trainer of the business owner’s choice. The programme will be exclusively available to SMEs in the West of England who have the potential to become fully-fledged scale-up companies.
Scale-up businesses are defined as either growing by more than 20% per year by turnover growth, employee growth, or both, for at least three years. Business West is particularly keen to speak to those with the potential to become scale-ups; these businesses generally have at least two years of sustained growth, the aspiration to continue their growth, and the willingness to make time and financial investments in the growth of their business.
Both the Enterprising West of England scale up programme and Business West’s new High Impact Scale-Up Grants coaching programme are supported by the European Regional Development Fund (ERDF).
Grant payments will be made to successful applicants investing a minimum of £20,000 (excluding VAT) in leadership development and management coaching.
Tara Gillam, Head of Enterprise at Business West, said:
“The High Impact Scale-Up Coaching Grants programme will support high growth businesses who need leadership and management development at this stage to ensure growth continues and to help take their business to the next level. In the long term, we hope that these businesses will carry on with their projected growth year-on-year, delivering more job creation, stability and growth to the local economy. This is a fantastic opportunity not just for the businesses who will receive funding, but for the wider West of England economy as well.”
Interested businesses should contact Business West to receive a grant application form. Eligible applicants will be invited to an interview which will be your chance to demonstrate your business has the potential for further growth and meets the scale-up criteria.