New Venture Fund

UPDATE as of 4 September 2024. We have just been advised that the STEP fund is currently closed to new applicants. We will update you with information as soon as it is available.

 

Launched in July 2021, the New Venture Fund Pilot aims to advance self-sufficiency and resilience to a changing society and environment, and to encourage enterprise within the Carron Valley & District Community Council (CVDCC) area. The fund is now in its 2nd phase of development (August 2024) and will follow on from a successful application to Stirling Enterprise Park’s (STEP) Start-Up Grant scheme.

What can be funded:

The New Venture Fund can provide matched funding up to £1,000 to new entrepreneurial ventures operated by residents of the CVDCC area, which have a focus on enhancing economic resilience, promoting positive wellbeing, or reducing environmental impact.

What cannot be funded:

The New Venture Fund cannot support ventures based out with the CVDCC area or which are already fully operational.

Who is eligible:

We welcome applications from permanent residents of the CVDCC Area who are over 18 years of age. Full eligibility criteria can be found in the Guidance Notes above.

How do I apply:

Potential applicants should first get in touch with the VRG admin assistant to indicate that they intend to apply for a STEP Start-Up grant. Email admin@valleyrenewables.co.uk

STEP’s Start-Up Grant scheme. It aims to provide financial support to individuals who are in the pre-start phase or have been trading for up to six months. This initiative is designed to help entrepreneurs cover essential start-up costs, enabling them to build a strong foundation for their business and contribute to the local economy. 

The STEP Start-Up Grant was made possible through funding provided by Stirling Council through the UK Shared Prosperity Fund, a key component of the UK government’s Levelling Up agenda.

Application Process:

To apply for the Start-Up Grant, applicants must complete the following steps:

  1. Get in touch: Contact us on Businesssupport@stepscotland.co.uk
  2. Initial Adviser Meeting: Schedule and attend a meeting with a STEP Business Adviser.
  3. Webinar Attendance: Participate in the “Start your own Business” webinar via Business Gateway.
  4. Second Adviser Meeting: Attend a follow-up meeting with a Business Adviser.
  5. Submit Application Form: Complete the application form in full, detailing the intended use of the grant and providing necessary quotations for the items to be funded.

Applications are now open, and we encourage all eligible entrepreneurs to apply as soon as possible to take advantage of this opportunity.

Following successfully completing the above STEP Start-Up process and being awarded a grant, New Venture Fund applicants may then apply through Valley Renewables for matched funding up £1000. eg. If STEP’s Start-Up fund awards £800, the matched funding from the VRG New Venture Fund will be £800.

Procedure:

The procedure for making a grant application is as follows:

  1. Let the VRG admin assistant to make her know what you are thinking – Email admin@valleyrenewables.co.uk .
  2. Read the guidelines in full and ensure your venture meets the eligibility criteria outlined.
  3. Make contact with STEP’s business support person – Businesssupport@stepscotland.co.uk
  4. On successfully complete all the previous stage complete the New Venture Fund application form and send it with the completed Business Plan to the VRG Admin Assistant. Email admin@valleyrenewables.co.uk .

The VRG Board will review applications. A response will typically be provided to the applicant within four to six weeks. This timeline is for guidance since the VRG is run by unpaid volunteers who give their time voluntarily to the group.

The Board reserves the right to decline to support an application which they consider does not address the VRGs Objectives or is ineligible. Applicants refused funding will be entitled to receive an explanation for the decision and the Board’s decision will be final. The guidelines specify the upper limit of any award to be made.

Funding Conditions:

Any award made will be subject to the following conditions:

  • Awards will only be made to permanent residents operating within CVDCC area.
  • VRG shall be entitled to reclaim any funds that it considers to have been used inappropriately.
  • VRG is in no way responsible for tax, legal, health and safety or planning advice or consent which may occur due to the activities of any funded venture.
  • VRG cannot be held responsible for any losses or adverse effects from commercial decisions the venture makes.
  • Completion of evaluation forms provided by VRG 12 months after funding provided (additional evaluation may be requested later)
  • Evidence of funding provided by STEP’s Start-Up fund.

 

GUIDANCE

The New Venture Fund Pilot was launched in July 2021. It aims to advance self-sufficiency and resilience to a changing society and environment, and to encourage enterprise within the CVDCC area. The fund is currently in its 2nd phase of development (August 2024)

The New Venture Fund is designed to:

  • Increase resilience for individuals, households, and the community by reducing reliance on goods and services from outwith the region.
  • Support entrepreneurship in the area by providing small scale seed funding together with advice on financial and business skills and confidence, specifically dealing with funders, providing repayments and developing simple business plans.

It can provide up to £1,000 matched funding on top of successfully completing all stages of STEP’s Start-Up Grant scheme.

Reporting Requirements

All successful applicants are asked to provide reporting information to VRG 12 months following the receipt of their funding. This reporting will be in the form of a short report and completion of an evaluation form. The short, written report should summarise outcomes, successes, challenges and future plans for your venture. This reporting and evaluation is designed to ensure VRG’s funding schemes continue to provide value and impact for the community. During this phase of the Fund’s development further feedback on the funding mechanism may be requested from applicants.

Applying to the New Venture Fund

Application to the New Venture Fund is a 4-stage funding process.

  1. Let the VRG admin assistant know what you are thinking. Email admin@valleyrenewables.co.uk
  2. Make contact with STEP’s Business Start-Up support person – Businesssupport@stepscotland.co.uk
  3. Successfully complete all stages of the STEP Start-Up fund process.
  4. Fill in the VRG New-Venture-Fund-Application-Form

 

Criteria:

  • Eligible projects will meet the following criteria:
  • Be from a permanent resident living in, or a micro-business based in the Carron Valley & District Community Council area.
  • Be submitted by someone 18 years of age or over.
  • Be for a new activity not previously undertaken.
  • Have the potential to lead to new income generation opportunities.
  • Fulfil one or more of the following:
  1. Enhance economic resilience: Increase Self sufficiency
  2. Open new income stream
  • And/or reduce environmental impact: Increase biodiversity
  1. Reduce waste
  2. Reduce water use
  3. Reduce carbon emissions

 

 

Mending/Making Clothes/Items:

Stage 1: A sewing machine purchased via the Small Household Grant for mending and making clothes.

Stage 2: Additional equipment, supplies, training to enable mending others’ items or selling items via New Venture Fund.

This venture reduces environmental impact and enhances economic resilience.

Wool Products:

Stage 1: Carding/spinning equipment via the Small Household Grant for turning raw fleece into a usable item.

Stage 2: Additional equipment to enable making of products from and/or selling wool/yarn via New Venture Fund

The venture reduces environmental impact and enhances economic resilience.

Bed and Breakfast

Stage 1: Food Safety and Hygiene certificate training via the Small Household Grant

Stage 2: Equipment materials to ready kitchen/rooms via New Venture Fund

This venture enhances economic resilience.

  • Enhance economic resilience:
    • Increase Self sufficiency
    • Open new income stream
  • And/or Promote positive wellbeing:
    • Increase community connections
    • Increase knowledge and skills
  • And/or Reduce environmental impact:
    • Increase biodiversity
    • Reduce waste
    • Reduce water use
    • Reduce carbon emissions

VRG_New-Venture-Fund-Application-Form-04-December-2024.docx

VRG-New-Venture-Fund_-Basic-Business-Plan-Template