The grant funding process
From application to receiving your grant payment is taken care of in six simple steps and one of our team will be there to take you through the whole process.
Stage 1 – Application form.
The online application form asks for some general information about your business and contact details for the person applying. We also need to know some basic past, current and future financial data; staff numbers and previous grant funding. Finally, we’ll need to know about the project you intend to complete and how it will benefit the business.
Prior to applying, please note the following:
• Funding cannot be provided for costs incurred prior to your Funding Contract being signed.
• This is a retrospective Grant i.e. businesses must be able to pay for the costs of their project and claim the Grant once everything is completed (all work complete and all payments to providers have been made).
Step 2 – Eligibility checks.
The NBSL team will assess your application to ensure the business is eligible for funding – the more detailed your application form, the less time this will take. If we need any further information to complete the assessment, we’ll get in touch using the email address you supplied on your application form. We’ll also make an initial assessment on whether your proposed project meets the funding criteria.
Step 3 – Funding adviser call.
One of our funding advisers will call to discuss your application, explore your proposed project and gather the information we need to complete your funding contract paperwork. On the basis of the call, we will make a final decision on whether the project qualifies for a grant, so please ensure you can discuss how your project fits.
Your adviser will ask for a proposal(s) from your chosen provider(s) for the work you intend to use the funding towards – we will need this before we can issue your funding contract.
Step 4 – Contract issue.
You must not start any work with a provider/supplier, make any payments or purchase any equipment before you receive your contract. Your funding contract and supporting paperwork will be sent out to you by NBSL using SignNow – you’ll need to read the full document pack and sign electronically where required. As soon as you’ve received confirmation that the signatures are completed, your chosen provider can start work or you can purchase the specified equipment from your supplier.
Step 5 – Grant claim.
Once the funded work is complete (or you’ve purchased the agreed equipment) and paid in full, you’ll need to provide your claim evidence to NBSL so that we can process your claim. Once we’ve got all of the evidence, we’ll pay your grant within 20 working days.
Step 6 – Follow-up.
A key aspect of the funding is understanding the impact it has had on your business – around 6-12 months after your grant payment, we’ll ask you for updated financial/staffing figures (including any jobs created) so that we can understand the difference the funding has made.