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Grants and External Funding

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Open 4 Business Portal

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To support our businesses during the current COVID-19 crisis, and into the recovery phase, Carlisle City Council is providing free access to Open 4 Business. Open4Business is designed to support businesses locate relevant up to date funding opportunities.

The portal is updated regularly with new local, regional and national funding announcements and can be easily searched by businesses on the basis of their industry, region and business size. The portal then provides information on how to apply for funding and contact funders directly. To search for grants for your business you will first need to register on the Open4Business website

GO TO OPEN 4 BUSINESS

Grants and Funding News
02Jul

Government Enhances COVID-19 Future Fund to Benefit More Firms

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The Government's Future Fund, which is backing high-growth, innovative firms through COVID-19, has had its eligibility criteria broadened. Now, more start-ups and innovative firms are able to apply for investment through the programme.

Participants in accelerator programmes are often required to set up a non-UK parent company in order to participate, which means some did not meet the Future Fund criteria of having a UK parent company when it opened for applications in May. Changes to the scheme's eligibility criteria mean that UK companies that have participated in highly selective accelerator programmes and were required, as part of that programme, to have parent companies outside of the UK will now be able to apply for investment.

Through the scheme, early-stage, high-growth businesses from a diverse range of sectors can apply for a convertible loan of between £125,000 and £5 million to help them through the coronavirus outbreak.

Initially, £250 million was made available by the Government, to be matched by private investors, with the Treasury making clear the amount could be increased if needed. Due to the popularity of the Fund, more funding has been made available, with around £320 million having already been invested.

The scheme changes cover accelerator alumni only and the Government says it remains committed to using the Future Fund to support economic activity in the UK. Companies will still be required to meet the 'substantive economic presence' tests (that half or more employees are UK-based and/or half or more revenues are from UK sales).

Chancellor of the Exchequer, Rishi Sunak, said:

'Our start-ups and innovative firms are one of our great economic strengths. As we begin to bounce back from coronavirus, they will help drive our recovery and create new jobs.

'This change means that those start-ups who have strived to be the very best, and taken opportunities to grow their business, will be able to benefit from our world-leading Future Fund.'

The scheme is open for applications until the end of September 2020.

Eligible Expenditure

The bridge funding shall be used solely for working capital purposes and shall not be used by the company to repay any borrowings, make any dividends or bonus payments to staff, management, shareholders or consultants or, in respect of the Government loan, pay any advisory or placement fees or bonuses to external advisers.

How To Apply

The scheme is open for applications until the end of September 2020.

The application process is investor-led. This means an investor, or lead investor of a group of investors, applies in connection with an eligible company. Companies are still able to register their interest - see the Companies page for information.

Applications are made through the British Business Bank.


Useful documents & links

Scheme - Guidance Document

Useful Links


Addresses and contacts

For further information on how to obtain this grant locally, please contact the following:

  1. Enquiries
    The British Business Bank
    Level 37
    25 Canada Square
    London
    E14 5LQ
    Email: [email protected]

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