TORRIDGE District Council is launching a business grant scheme of up to £5,000 each for Torridge-based businesses that have already been trading for 12 months and are now ready to take on their first employee.

The scheme recognises the important role small businesses play in the local economy. An estimated 4,800 sole traders make up 60% of the 8,000 or so businesses operating across the district.

With the support of the Bideford Bay Chamber of Commerce councillors were keen to find a targeted way to provide growth opportunities for this important sector of the local economy and the adopted £5,000 grant scheme is the result of that focus.

The scheme will require applicants to submit a business plan and some financial information. This will then be considered by a grant panel, which will decide what businesses will be awarded a grant and an amount of up to £5,000.

Even if a grant isn’t awarded or businesses just want help and guidance for other issues, the council’s economic regeneration team and partners will be on hand to advise on these areas as well and can also provide information on free business and training courses.

The opening window for the first round of applications began on March 2 and will run until April 30 with decisions to be made at an investment panel meeting on May 20.

Cllr Bob Hicks, lead member for the economy at Torridge District Council, said: “This is an exiting opportunity for all types of businesses across Torridge to take that next step in expansion. Helping already established businesses to grow will be a boost not only for successful applicants but also for job creation and skills development across a large sector of the local economy.

“We hope that local business people will seize this opportunity for a potential £5,000 cash injection to help them grow and expand. In the process it should also result in the creation of 20 or more new jobs across the district as well. A win-win for everybody.”

Jane Maynard, president of Bideford Bay Chamber of Commerce, said: “This is a great opportunity for businesses to take that first step towards growth and employ for the first time. Often a worrying time for many business owners, this grant will help to offset the financial concerns and allow them to spring forward. Chamber are delighted to be supporting this initiative.”

The application process has been designed to be as simple and straight forward as possible. Visit the council’s website ‘business grant’ page for more information or email [email protected]

Any new employees must be employed for at least 18.5 hours per week and for a minimum of 12 months.