What assistance is available?
The level of funding that will be made available through the scheme for development projects, and what form that funding may take.
In general, assistance under the Economic Development Grant Scheme will be limited to 30% of eligible project costs, up to a maximum of £25,000.
Assistance towards research projects will be limited to 50% of project costs, up to a maximum of £25,000.
Assistance towards new business start ups – defined as being a business in the first six months of trading which has not been the subject of an acquisition or buy-out - will be limited to 50% of project costs up to a maximum of £5,000.
The minimum grant award under all above intervention rates is £1,000.
Applicants must demonstrate that the award sought is the minimum required for the project to proceed.
The Economic Development Grant Scheme can provide financial assistance towards the following, depending on the nature of the project:
- Capital expenditure – equipment, building and/or engineering costs, building improvements
- Revenue expenditure – professional fees, marketing and promotion, office costs, travel costs
- Working capital – in exceptional circumstances and as an element of a wider development project, working capital funding up to a maximum amount of £5,000 may be considered Applicants will be expected to provide detailed justification for the inclusion of any of the above expenditure items in their project costs. Eligibility of any one element of the project costs for assistance does not presuppose eligibility of other associated costs.
In certain circumstances, grant assistance may be given as de minimis aid as defined by the European Commission. In these circumstances, the applicant must inform the Council of the receipt other de minimis aid received in the three year period prior to submission of their application. If a grant award is deemed to be de minimis aid, the applicant will be informed and this will be specified on the letter of offer.
In general, businesses, individuals and organisations may only receive one financial assistance grant under this scheme in any 12-month period. However, the Council may exercise discretion in this regard in exceptional circumstances.
Grant assistance may be awarded as part of a funding package with other public sector organisations. In such circumstances the total public sector grants will be limited to 50% of eligible project costs.