SWEF Enterprise Fund Business Grant

Fund Guidelines and Criteria

Community Foundation NI is working in partnership with SWEF Enterprise Fund which helps young people from Northern Ireland develop their business idea and gain support with business investment that they would otherwise not be able to afford.

SWEF exists to support those who cannot afford to invest in their own business or raise money externally.

The SWEF Business Grant:

• Applications can be for grants up to the value of £2,000.
• Grants must be spent within one month of receipt of funds.
• Grant amounts are commensurate with the monthly profit of the business and the business opportunity.

Eligibility:

To be eligible to apply, you need to:

• Be between the ages of 18-30
• Live in Northern Ireland
• Applications must come from a majority shareholder
• Be from a low-income household or facing other financial challenges preventing you from developing your business

Business Criteria:

• Applications that involve ‘match funding’ are particularly welcome.
• Applications can only come from businesses that have a business bank account.
• Applicants who are working full-time on their business are more likely to be successful with their grant application. If an applicant is not yet full-time, they will need to prove that they intend to go full time as soon as possible.
• Applications can only be from sole traders/limited companies/CICs limited by shares that have been trading less than 2 years.
• Applications that clearly explain how a grant will transform a business and take it to the next stage are the most likely to be successful.
• If an applicant intends to use a SWEF grant towards the cost of an item that is greater than £2,000, the SWEF grant needs to form 25% or more of the cost.

How you can use the grant:

(This is not an exhaustive list)

• Equipment that will help a business achieve increased revenues. Applications that involve the purchase of second hand items are particularly welcome
• Materials/stock
• Prototypes and product development costs
• Website/booking system build
• Training
• Goods and services provided within the UK are preferred.

Please note that SWEF does not provide grant funding for the following:

• Salaries
• Debt repayment
• App development or software development costs. Apps/software should be ready to launch or already launched at the point of applying to SWEF.
• Rent and utilities
• Equipment or products relating to invasive beauty treatments such as botox, aesthetics, semi permanent make-up, facial tattoos, dermal fillers.
• Ongoing software subscriptions
• New computers, phones, tablets

NB on a match funded basis, SWEF will consider applications for refurbished technology. However, in order to be successful, the applicant will need to explain why the laptop, tablet or phone will transform their business.

Application Form Guidelines

Before Starting Your Application

Applications solely for business ideas cannot be considered. You must be able to demonstrate that you have already taken steps to get your business off the ground, even if this is at a very early stage. It is important that you think about your business idea and explore why you think the product or service you will provide is needed or will succeed before applying for a grant. The more steps you have taken to start or grow your business, the more likely you are to receive a grant. For example: Have you undertaken any market research to find out if anyone would buy your products or use your services. A good starting point would be to ask friends, family or even approaching other local businesses to see if they would use your service or if they have any advice.

Have you identified your potential costs each month such as staff wages, rent, energy.

Completing the online application form

You do not have to complete the application form in one go. If you wish to leave the form and come back to it later, press the ‘Save as draft’ button at the bottom of the form.

If you find anything unclear or confusing or would like to talk to us, call us on 02890 245927 or email: applications@communityfoundationni.org.

Supporting Documents

As well as completing the form, we also need you to provide supporting documents to confirm you are eligible to apply. The below documents can be uploaded at the end of the form by clicking on  ‘Add Document’.

• Proof of address e.g. bill/letter/driving license confirming your address in Northern Ireland
• Proof of identity e.g. birth certificate/passport/driving license
• Evidence of your current income e.g. benefit statements, pay slip, accounts
• Evidence of your business e.g. business plan or evidence of trading (recent invoice, rent agreement)
• Copy of business bank account statement, dated within last 3 months

We can only pay grants into a business bank account that matches the business name in your application – if you don’t have a business bank account yet, you will require one, if you are successful, as we will not pay grants into personal accounts.

What happens after I have submitted my application?

Initial assessment – once you have submitted your application, we will check it is complete and eligible. If you have not submitted all the supporting documents, we will contact you, usually by email and ask you to send them to us.

Meeting – we may invite you to a meeting where you will be able to tell us more about your business. The meeting will take place online with 2 people, a member of staff from the Community Foundation NI and someone from SWEF Enterprise Fund. We aim to make a final decision on your application within 6-8 weeks.

Award – if you are awarded a grant you will be asked to accept the terms and conditions of the award and the grant will be paid directly to you by BACS. We can only pay grants into a business bank account that matches the business name in your application, so if you don’t have a business bank account yet you will be asked to set one up. You will receive payment of the grant a month after the terms and conditions have been accepted.

After the award – The SWEF Fund will contact you 6 and 12 months after you received the grant to find out how your business is progressing. You will also have the opportunity to take part in a business forum with other businesses that have been awarded a grant. The forum offers a space to share, exchange ideas, experiences and learn.

Useful Resources

Business Tools & Templates

Princes Trust Business Support

www.princes-trust.org.uk/help-for-young-people/tools-resources/business-tools 

www.princes-trust.org.uk/help-for-young-people/support-starting-business

https://www.princes-trust.org.uk/how-we-can-help/tools-resources/business-tools/business-plans

www.youtube.com/freebusinesstips

Prospects – How to Start a Business / How to Write a Business Plan

www.prospects.ac.uk/jobs-and-work-experience/self-employment/how-to-start-a-business

www.prospects.ac.uk/jobs-and-work-experience/self-employment/writing-a-successful-business-plan

Business Funding

www.gov.uk/business-finance-supportsmallbusiness.co.uk/small-business-grants-uk-2548113/

www.gov.uk/business-finance-support

www.british-business-bank.co.uk/finance-hub/grants-finance/

Refurbished IT Equipment can be purchased from:

www.currys.co.uk/computing/laptops/laptops/refurbished-laptops

www.dellrefurbished.co.uk/laptops

www.laptopsdirect.co.uk/ct/tablet-pcs-and-e-readers/tablet-pcs/refurbished

Other suppliers are available, and we recommend searching on the internet for the best deals

Business Bank accounts provider suggestions

Tide Better business finance | Tide Business

Starling Bank Business bank account | No monthly fees – Starling Bank

Revolut Business

Monzo Business Apply for a Monzo Business Bank Account Online | Monzo

NB – Applications are compiled at the start of each new month. Please apply before 28th of each month for your application to be assessed in the following month.