Business Growth Fund Eligibility and Funding Options Explained

The Business Growth Fund is a great way for businesses to access funding and support to help them grow and succeed. To be eligible, your business must be a UK-based company that's looking to grow and create jobs.

The fund is designed to support businesses that are looking to scale up, so if you're a small business with big ambitions, this might be the perfect opportunity for you. Companies that have already received funding from the fund include, for example, a small tech firm that received £1.5 million to expand its operations.

To be eligible, your business must have a strong management team in place, as well as a clear plan for growth. This could include things like expanding your product line, entering new markets, or investing in new technology.

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To be eligible for the Business Growth Fund, you'll need to gather a few essential documents. You'll need a record of your business's trading name, number of employees or turnovers, and proposed expenditure.

To apply for the fund, you'll need to complete two stages: first, fill out the online application form, and second, submit your eligible evidence after receiving your grant award. This will involve providing proof of your grant spend within three months of receiving the award.

Here's a list of the required documents to support your application:

To be eligible for the Business Growth Fund, your business must fall within one of the key sector industries in North Lanarkshire.

The fund is available to businesses operating in 11 different sectors, including Construction, Manufacturing, and Life Sciences.

These sectors are listed as follows:

The fund can support projects with eligible expenditure up to specific amounts, depending on the type of project.

Eligible projects include Capital Expenditure, Infrastructure Improvement, Workforce / Skills Development, and Exhibition Support.

The maximum funding for each type of project is as follows:

The application process is straightforward, with two stages to complete.

First, you'll need to complete the online application form. This is your chance to provide all the necessary information, so make sure you have everything ready before starting.

To do this, you'll need to gather a few key pieces of information, including your business's trading name, number of employees or turnovers, and proposed expenditure. You'll also need to provide your business bank details and a copy of your lease, if you're paying towards Non Domestic Rates.

Once you've submitted your application, you'll have three months to complete your digital project and submit evidence of your grant spend. This is a crucial part of the process, as you'll need to show that you've used the grant funds correctly.

Here's a quick rundown of the application process:

Businesses can apply for up to £20,000 in grant funding per grant application, and a maximum of two grant applications can be submitted within a 24-month timeframe.

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The Business Growth Fund has a total funding limit of £40,000 over a 24-month period, including any previous funding received.

To be eligible, businesses must have not received funding from the Business Growth Fund within the last 24 months, starting from the date of the last grant award letter being issued.

You can submit multiple grant applications, but be aware that the total funding limit applies to the entire 24-month period, not each individual application.

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If you're a business owner who has previously received a grant, you're likely familiar with the idea of managing multiple bank accounts. This can be a challenge, especially if you're not used to keeping track of multiple financial streams.

In the past, the Business Growth Fund has provided grants to businesses in various sectors, including manufacturing, technology, and healthcare. These grants have helped businesses cover specific costs, such as equipment purchases or employee salaries.

Having a clear understanding of your previous grants and bank accounts is essential for making informed financial decisions and planning for future growth.

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If a business has previously received a Growth Fund, they can receive another one as long as they've met the employment milestones forecast in their previous application.

A business can access one of each Council business grants in the period 01 April 2025 – 31 March 2026, which includes the Digital Development Fund, Energy Efficiency Fund, and Growth Fund.

You can receive a Growth Fund grant again if you've met the employment milestones forecast in your previous application, but it's essential to review the eligibility criteria to ensure you meet the requirements.

The period for accessing these grants is from 01 April 2025 to 31 March 2026, so plan accordingly to make the most of this opportunity.

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Having a separate business bank account is essential when applying for grants. This account will be used to receive the grant funds if your application is successful.

You'll need to provide the account details as part of the application process, so make sure you have this information ready.

It's a good idea to set up a dedicated business bank account to keep your personal and business finances separate.

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The Business Growth Fund is a key part of the UK government's Levelling Up agenda. This fund aims to improve pride in place and increase life chances across the UK by investing in communities and place, supporting local business, and people and skills.

Grants awarded under the Business Growth Fund are considered to be a subsidy under the Subsidy Control Act (2022). This means that successful grants will be awarded under the North Lanarkshire Business Growth Grants Subsidy Scheme (SC11283).

The UK Shared Prosperity Fund is a central pillar of the UK government's Levelling Up agenda. This fund is designed to support local businesses and communities across the UK.

The Business Growth Fund is an opportunity for local businesses to access funding and support to help them grow and thrive.

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The Business Growth Fund (BGF) has invested over £4 billion into more than 600 companies in the UK.

BGF operates nationwide, with a network spanning from Aberdeen to Bristol and Belfast to Cambridge. This broad reach distinguishes the fund from more London-centric investors.

The fund's investment approach is patient, with no fixed timeline to cash out, and a focus on minority equity positions, typically between £3 million and £30 million initially.

Andy Gregory is the Chief Executive Officer of BGF, a role he took on in 2022, having previously served as Chief Investment Officer. With over 30 years of experience in private equity, Gregory's career has included senior roles at Livingbridge, Bridgepoint, and Royal Bank Development Capital.

He also sits on the Board of the Invest in Women Taskforce and NatWest's Mid Market Council, and is Chair of the BGF Foundation, a charitable arm that supports initiatives for young people across the UK.

Stephen Welton, the company's former CEO, led BGF since its inception in 2011. He was a member of the Prime Minister's 2021 Business Council and member of the Innovate Council 2018-2021.

Andy Gregory took over from Stephen Welton, who stepped down from BGF's Board to become Non-Executive Chair of the British Business Bank in 2023.

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Manufacturing Innovation is a significant area of focus for many businesses, and it's interesting to see the types of projects that were successful in securing funding. A total of $26.3 million in financial assistance was offered to 17 applicants under this stream.

Some of the notable projects include ARCEMY Increase Deposition Rate by AML3D Limited, which received a grant of $1,123,223. This is one of the smaller grants awarded, but it still demonstrates the potential for innovation in manufacturing.

The largest grant awarded under this stream was $2 million, received by Inovor Technologies Pty Ltd for their project on space infrastructure for maritime surveillance. This highlights the diverse range of applications for manufacturing innovation.

Here is a list of the successful projects under the Manufacturing Innovation stream:

Business Growth Fund has been involved in some impressive investments over the years. One notable example is Gousto, a recipe box delivery company that received funding from BGF in 2015 and became a unicorn in 2020 with a valuation of over $1 billion.

Social video advertising platform Unruly is another notable investment, having received financing from BGF in 2012 and later being acquired by News Corp for £58 million in 2015. M Squared, a company that develops lasers and photonic optical instruments, also received funding from BGF in 2012 and later exited the majority of its shareholding in 2020 when the Scottish National Investment Bank became a shareholder.

There are many small and mid-sized companies in the UK that BGF seeks to invest in, which are part of what historian Sir Anthony Seldon has described as "the growth economy". Research by PwC found that there were 21,400 growth economy companies in the UK in 2018, defined as fast-growing businesses that report turnover of between £2.5-100 million.

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In the Manufacturing Innovation and Regional Tourism Infrastructure Development, a total of 280 applications were submitted under two streams.

The applications were thoroughly assessed through a competitive multi-staged process.

A whopping $26.3 million in financial assistance was offered to 17 applicants, a significant investment in the region's development.

The successful projects under each stream are listed below, showcasing the diversity and potential of the region's initiatives.

The applications were carefully evaluated to determine which projects would receive funding, a process that requires patience and dedication.

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BGF has made some impressive investments over the years, with a few notable examples.

One of these is Gousto, a recipe box delivery company that received funding from BGF in 2015 and became a unicorn in 2020 with a valuation of over $1 billion.

BGF also invested in social video advertising platform Unruly in 2012, which was later acquired by News Corp for £58 million in 2015.

Another notable investment is M Squared, a company that develops lasers and photonic optical instruments, which received funding from BGF in 2012 and saw the Scottish National Investment Bank become a shareholder in 2020, exiting BGF's majority shareholding.

Here are some key facts about BGF's notable investments:

The economy is a complex system, but let's break it down to its basics. In the UK, there are 21,400 growth economy companies, defined as fast-growing businesses with a turnover of between £2.5-100 million.

These companies are the backbone of the economy, and they need funding to grow. BGF provides an alternative source of funding for these companies, which have traditionally relied on bank loans.

The growth economy is a crucial sector, and understanding its dynamics is essential. It's fascinating to see how private equity and venture capital firms like BGF are playing a vital role in supporting these companies.

The growth economy is not just about numbers; it's about people and businesses working together to achieve success. By providing funding and support, BGF is helping to create jobs and stimulate economic growth.

Here are some key statistics about the growth economy in the UK:

The growth economy is a dynamic and ever-changing sector, and it's exciting to see how it's evolving. By understanding its intricacies, we can better support businesses and create a more prosperous economy.

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