£1m Town Centre Recovery Fund Announced for Stapleford Businesses

Following approval back in November of the six core projects from the Stapleford Town Deal programme, the Town Deal Executive Board are pleased to announce the launch of the first project – the Town Centre Recovery Fund.

A total of £1m has been made available for the Town Centre Recovery Fund.

The fund will offer grant support to high street businesses in Stapleford Town Centre, and will be split into two grants to support different aspects of business recovery.

  1. The Business Continuity Grant aims to support business resilience and growth over the long term, sustaining occupancy levels within Stapleford Town Centre. This grant will support existing businesses looking to expand the way they distribute their services. It is anticipated a maximum of £200,000 will be spent on this portion of the wider Town Centre.
  2. The Building Development Fund is to create buildings of the future; improving accessibility, energy efficiency and the look and feel of Stapleford Town Centre. It is anticipated a maximum of £800,000 will be issued through this part of the fund.

The Chair of the Stapleford Town Deal Executive Board says, “The launch of the Town Centre Recovery Fund will provide a fantastic opportunity for businesses in Stapleford’s high street, to develop their own proposals for how the Town Deal can collaboratively invest in their businesses, improve the building stock in Stapleford, encouraging more investment in the area”

“the Executive Board knew this financial commitment was vital for the town centre, which is why the Fund was included in the Town Investment Plan, and see the £1million of total grant support over the next 12 months as a catalyst for Town Deal Programme and its various projects as they move into delivery phase in early 2022”.

The fund will open to applications on Monday 10 January 2022.

Applicants will be encouraged to use an online application form once the link is made available in the new year.

In order to provide businesses in Stapleford Town Centre, which may look to make an application for grant funding, a number of supporting documents have now been published on the Council’s Town Centre Recovery Fund webpage. 

This early information on the fund will assist businesses who might consider their proposals for grant funding, understand and interpret the Stapleford Town Investment Plan (TIP) and seek quotations (where applicable) to carry out works in good time.

Further information will become available in the lead up to the application open date.

Town Centre Recovery Fund

The page offers details of the Stapleford Town Centre Recovery Fund project, part of the Stapleford Town Deal programme.

Some key information from the Town Centre Recovery Fund is summarised under the following headings:

Further details are available in the ‘Guidance for applicants’ and ‘Policy’ documents, both available in the Associated Application Documents Section below. 


Fund Overview

As part of the successful development of the Stapleford Town Deal Programme, a total of £1million has been allocated for the Town Centre Recovery Fund project.

The fund will open to applications in January 2022 and is planned to close on 30 November 2022, with final payments made by 31 December 2022. There will also be a temporary closure of the fund in line with the end of the 2021/22 financial year for approximately two weeks.

The fund will offer grant support to high street businesses in Stapleford Town Centre, and will be split into two grants to support different aspects of business recovery:

  1. The Business Continuity Grant aims to support business resilience and growth over the long term, sustaining occupancy levels within Stapleford Town Centre. This grant will support existing businesses looking to expand the way they distribute their services. It is anticipated a maximum of £200,000 will be spent on this portion of the wider Town Centre Recovery Fund.
  2. The Building Development Fund is to create buildings of the future; improving accessibility, energy efficiency and the look and feel of Stapleford Town Centre. It is anticipated a maximum of £800,000 will be issued through this part of the fund.

How much will be made available?

Business Continuity Grant (BCG)

Strand A

Grants of up to £5,000.

Strand B

Grants of between £5,001 and £20,000. Businesses will be required to provide a 30% co-funding amount through Strand B. For example, to receive a grant of £10,000 a business will need to provide evidence of co-funding of £3,000 within their proposals.

Please note it is not possible to receive multiple BCG awards, i.e. from both Strand A and B

Building Development Fund (BDF)

Strand A

Grants of up to £20,000.

Strand B

Grants of up to £100,000. Businesses will be required to provide a 30% co-funding amount through Strand B. For example to receive a grant of £50,000 a business will need to provide evidence of co-funding of £15,000 within their proposal.

Please note it is not possible to receive multiple BDF grant awards, i.e. from both Strand A and B

The improvement of vacant commercial units can be considered as part of an application to the BDF.  

Eligibility for grant support

  • A business must be registered. This can take the legal form of sole trader, partnership, limited company or social enterprise/CIC (Community Interest Company).
  • Businesses need to be located within the Stapleford Town Centre boundary as defined in the Part 2 Local Plan.
  • The grant must be spent on new investment and cannot cover any retrospective costs.  Any expenditure prior to the awarding of a grant is ineligible.
  • Applicants can apply to one strand of each grant fund.

What a grant may cover

Town Centre Recovery Fund grants may cover costs including:

  • Capital assets such as plant, equipment or machinery. N.B vehicles, stock and consumables are excluded;
  • Office equipment, furniture and the purchase and installation of computer systems;
  • Security equipment and installation;
  • Shop fitting and improvements to shop fronts, including refurbishment to interior;
  • Advertising and marketing costs including website design;
  • Temporary click and collect adaptation;
  • Building fabric improvement and expansion;
  • Remediation of abandoned or dilapidated units.

Town Centre Recovery Fund cannot cover

  • Rental costs of units and associated bills;
  • Business rates for premises or applicants for planning permission;
  • Stock and consumables;
  • Running costs;
  • Retrospective costs

Associated Application Documents

The following documents have now been published in advance of the Town Centre Recovery Fund launch:

This is so that businesses in Stapleford Town Centre might consider their proposals for grant funding, understand an interpret the Town Investment Plan (TIP) and seek quotations (where applicable) to carry out works in good time.

Next Steps and the Application Process

The Town Centre Recovery Fund will officially open to applications on 10 January 2022.  Applicants will be encouraged to use the digital application form once the link is made available in the new year.

A copy of the application form is provided, so that businesses can begin to collate the necessary information to support their application. Please do not complete copies of the application form and return, this is for reference only.

Applicants will be asked to further detail:

  • their proposals;
  • provide itemised costs for those proposals, with written quotes for grant requests over £2,000;
  • economic outputs as a result of any investment – such as jobs created/safeguarded, new floor space created or new DDA improvements;
  • how the proposals link to the Stapleford Town Investment plan;
  • the business need for grant support;
  • provide a business plan, to include a cashflow forecast.

Once an application is made, the Council will assess and further communicate with the applicant, to obtain any supporting documentation required for consideration, in a proportionate manner. Larger grant requests, such as those in strands B, will require more detailed supporting information.

Further news in the run up to the Town Centre Recovery Fund’s launch date will be shared via the Council’s usual communications channels and this webpage once available.


Contact

Economic Development

economic.development@broxtowe.gov.uk

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