Crowdfund Perth and Kinross Business Fund

Support provided by Perth & Kinross Council

What does this involve?

Are you looking to grow your new business start-up or existing small to medium-sized enterprise? Do you have a development idea that has the support of the people of Perth and Kinross? Then this fund is for you.

Through this fund, Perth and Kinross Council are making up to £5,000 available to sole traders, businesses, and communities in the Perth and Kinross area. This will help them create, establish and grow businesses, projects and services that make a real difference to the economy and have the backing of locals.

The fund will offer each eligible project up to £5,000, to cover up to 50% of the total project costs.

If your application is successful, you will receive your funds in 2 parts:

  • you will receive the money raised from the crowdfunding campaign once your target is reached
  • you will receive matchfunding from Perth and Kinross Council once crowdfunding and due diligence checks are completed

Priority will be given to existing independent small or medium-sized enterprises (SMEs) that are seeking to grow.

Am I eligible?

Yes, if your organisation has:

  • operations in the Perth and Kinross Council area
  • a business plan, if you are a start-up
  • a business growth plan, if you are an existing small to medium-sized enterprise

Sole traders, businesses, and communities are all eligible.

 

If you meet those criteria, then check that your project is suitable. To receive matchfunding from Perth and Kinross Council your project must:

  • be within the council area of Perth and Kinross
  • be from an organisation formally constituted in the UK - with a UK bank account
  • help residents into employment or closer to employment, or bring some economic benefit to the region
  • demonstrate how you have been negatively affected by COVID if you are applying as a result of COVID
  • demonstrate strong local support, shown through a vibrant crowdfunding campaign
  • achieve 25% of your crowdfund target, from at least 20 unique backers

 

Matchfunding from Perth and Kinross Council cannot be used to fund:

  • activities that promote political views or religious beliefs
  • betting or off licence shops
  • projects already fully funded by other sources
  • spending that has already taken place
  • statutory organizations
  • projects from individuals (if you are an individual with an idea, you could link up with a local organisation)
  • projects for activities that cannot evidence how they will meet the identified needs of the community
  • more than 10% of the capital costs of the total value of the project, purchase of land, building/refurbishment or building projects
  • projects which are purely research
  • costs of ongoing staff – including salaries of permanent or fixed term staff
  • costs incurred in putting the application together
  • repairs and maintenance to buildings or equipment
  • VAT that you can recover
  • loans or interest payments
  • purchase of alcohol or illegal substances

This list is not exhaustive. You should contact Perth and Kinross Council if you are unclear whether your project, or elements of your project, would breach these rules.

What does this cost?

There is no charge for this service. However, the fund will offer eligible businesses or individuals matchfunding of up to £5,000, to cover up to 50% of the eligible costs for viable projects. This means you will have to crowdfund at least the other 50% of the costs.

Who is this for?

New or existing small to medium-sized enterprises (SMEs) in Perth and Kinross that have community backing for a new development project.

How long does this take?

After you submit your application, an officer from Perth and Kinross Council will respond to you within 14 working days.

If your application is successful, Perth and Kinross Council will approve a matchfund for your crowdfund campaign. After your crowdfunding has ended, you will return an impact report using the form provided. This will usually be requested 3 months after your crowdfunding project closes successfully.

If your project is awarded matchfunding, you must begin your project and spend the funding received within 1 year of the date of the crowdfunding campaign.

The matchfund may be fully repayable if your business ceases trading or moves outside the Perth and Kinross area within 1 year of receiving the matchfund.

Important information

As part of the application process, and to confirm your eligibility to receive public money, you will be required to submit (one or more of) your organisation’s:

  • accounting or financial information to prove solvency
  • constitution document
  • Memorandum of Understanding
  • Memorandum of Association and Articles of Association
  • Public Liability Insurance

You may also be required to submit documents specific to your project, such as:

  • your organisation's Health and Safety policy
  • a project risk assessment
  • your organisation's Equality and Diversity Policy

Where this information cannot be supplied, you will need to provide a written statement of the reasons.

If your application is unsuccessful, Perth and Kinross Council will write to you telling you the reasons why. Please consider the feedback carefully before deciding whether to apply again. You should only apply again for the same project if you can make a much stronger case.

Perth and Kinross Council reserve the right to request invoices or receipts so that evidence can be collected to ensure that matchfunding has been spent for the purposes intended. For the same reason, Perth and Kinross Council reserve the right to audit project delivery. Perth and Kinross Council reserves the right not to fund, or to withdraw funding during a campaign if it becomes apparent that any of the criteria are not being met or where the applicant has outstanding debt due to the Council.

The matchfund is subject to Perth and Kinross funding terms and conditions as well as the Crowdfunder terms and conditions. Read the full terms and conditions on the Crowdfunder website before you apply.

Perth and Kinross Council reserves the right to amend this information at any time.

Next steps

For more information on this fund and to find out how to apply, visit the Crowdfunder website.

Support provided by Perth & Kinross Council

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