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Growth Vouchers eligibility extended

26th August, 2014 No Comments


Today (Tuesday 26th August) Lord Young has announced changes to the Growth Vouchers scheme that will mean more businesses will be eligible for this funding opportunity.

Due to the popular nature of the programme, Growth Vouchers will now be available to any business that has fewer than 250 employees, is based in England and has a turnover of less than €50m.

This fantastic development means that more businesses will now have access to £2,000 match funding available to finance strategic business advice and reap the benefits that this brings. *More than 240,000 businesses in England use external advice and 94% of those using advice have seen benefits.

The five advice areas remain the same; finance and cash flow, recruiting and developing staff, improving leadership and management skills, marketing, attracting and keeping customers and making the most of digital technology.

Representatives from the Cavendish Consortium will continue to be promoting the initiative through a series of events taking place across the country in the coming months. If you would like to attend one of these events or would like to discuss how the Growth Vouchers scheme can benefit your business then please get in touch by calling the telephone number at the top of this page.

Growth Vouchers are part of a Random Control Trial research initiative being run by Government until at least March 2015. The first research initiative of this scope to be run in the UK, the project will inform future Government policies to ensure funding is targeted to achieve business growth. The Cavendish Consortium is proud to be delivering this scheme which places advice choice in the hands of business.

To apply for Growth Vouchers visit www.gov.uk/apply-growth-vouchers . The application process is very straightforward and will take as little as five minutes; just make sure you have either your Companies House registration number or Unique Tax Reference to hand.

Once you have your voucher and have taken delivery of the advice you will have one of two payment options to be agreed with the advice provider. The first option is to pay the provider’s invoice in full and claim back 50% of the costs up to the value of £2,000.The second option allows you to agree with the provider to pay 50% of their bill and then the provider can claim back 50% of the costs from the government. In either circumstance the claimed amount will be paid in to the recipient’s bank account within 10 days.

*Small Business Survey 2012

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