GV-logoWhat are Growth Vouchers?

Announced by the Chancellor in the 2013 Budget and championed by the PM’s Enterprise Adviser, Lord Young, the Growth Vouchers programme will deliver subsidies to help businesses access the advice they need to help them grow.

The majority of small businesses that participate in this programme will be allocated vouchers to spend on strategic advice from suppliers in the private sector, matched with their own funds, on one of 5 categories of support:

  1. Managing cashflow, late payments and negotiating finance
  2. Developing skills and taking on staff
  3. Improving Leadership and Management
  4. Marketing, attracting and keeping customers
  5. Making the most of digital technology

The Growth Vouchers programme is available across the whole of England.

I’m a small business. How can I get a Growth Voucher?

From the launch date of the programme (January 27 2014), you will be able to apply on a government website. If you meet the criteria, you will then be guided through a diagnostic filter which will help you assess your business needs. The process will be done either online or through a face to face meeting with an adviser. After this, you will be notified if you have received a voucher.

What is the value of a Voucher?

The Government will match your spend up to a maximum value of £2,000. This means you can spend as much or as little as you want on the advice but the maximum contribution from the Government will be £2,000. For example:

  • You spend £1,200 on support: £600 from you and £600 matched from government
  • You spend £4,000 on support: £2,000 from you and £2,000 from government
  • You spend £5,500 on support: £3,500 from you and £2,000 from government

On the Enterprise Nation marketplace you will find suppliers who meet the minimum standards required to be suppliers as part of the Growth Vouchers programme and with whom you can spend your vouchers. As the small business owner, you pay the supplier and then claim back up to £2,000 from Government.

Eligibility

Your business must:

  • have 49 employees or less (including any employees of companies that own a stake in your business)
  • be registered in England
  • have been trading for at least one year
  • not have paid for business advice in the last 3 years
  • be independent (ie no more than 25% is owned by other businesses or organisations)

With a Voucher in hand, what do I do next?

You visit the Enterprise Nation marketplace and find a supplier/advisor with whom you can spend your voucher. Suppliers are members of Founding Trade & Professional Bodies so the quality of advice they offer is assured.

Track Training Services (UK) Ltd are registered as an approved supplier/advisor. We are specialists in the design and delivery of Learning and Development solutions that will help your organisation to grow and develop.

Speak to Dave Chesters 01785 823583.

   

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