Oldham Enterprise Trust (OET)
Oldham Enterprise Fund (the Fund)
Fund Eligibility and Terms & Conditions (revised 28/9/20)
1. The Objectives
To encourage, develop and promote business growth across the Metropolitan Borough of Oldham:
- Supporting Business Start-Up & Growth.
- Supporting the ‘Get Oldham Working’ campaign through enterprise business support and funding by creating and sustaining jobs.
- To stimulate enterprise and entrepreneurial activity in Oldham.
- To advise and support applicants and, where appropriate, award a grant, and/or signpost to loan funding via the Government’s Start Up Loan Scheme or other funding sources.
2. Eligibility (SME Businesses: Start-Up and Growth)
- Applicants must be aged 16-years or over.
- Small grants are generally available to those under 26 years of age
- Loans are available via the Government’s Start Up Loan Scheme to those over 18 years of age.
- Stoller Trust funding will be prioritised to start ups applicants aged under 26 years of age
- Start-ups aged 26 and over can apply and will be referred to the Start Up Loan Fund
- Start-ups are defined as businesses trading for less than 2 years
- Existing businesses (trading more than 2years) will be referred through to GC Business Finance for access to other funding sources.
- Grant applicants must be a resident of Oldham For a full map of Oldham and its wards, visit: Oldham map
- Applicants are eligible for one Grant award only.
- Anyone meeting the eligibility criteria above at the time of application can apply for the Fund if the Assessment Panel is within 12 months of the date of application.
- Applicants must have the legal right to remain in the UK and the right to be self-employed.
- Grants and Loans are for business use only.
3. Format of the Fund
The applicant must be a resident of Oldham Metropolitan Borough.
- All entrants must submit the Fund’s Application Form’ (available electronically through the enquiry process as listed at: oldhamenterprisetrust.org.uk or by Word copy which is available upon request.)
- All documentation must be completed fully by the applicant(s).
- Applications will be initially assessed.
- Start Up applicants will be required to access a free programme of business support from either the Business Growth Hub or People Plus**.
- Applicants, who are eligible for support via the Stoller Funding (see points 2a, and 2b,) will present (or pitch) to, and be interviewed by, an assessment panel. More detailed feedback will be given to all applicants at this stage.
- If successful at the Assessment Panel, applicants are required to engage with marketing activities and further free business support activities.
**All Start Up applicants will be assessed for Pre & Post application support from either the Business Growth Hub or People Plus. Engagement with these business support processes (if satisfactory to criteria) is compulsory. This process will begin after the receipt of the application form (along with further qualifying details, if necessary).
As guidance, the assessment will be both looking for and assessing details covering the following:
- A business idea with the best potential to start-up a new enterprise or the further development of an existing business that has been trading for less than 2 years.
- Job creation potential, through the business idea, for Oldham residents particularly for those under 26 years of age.
- Is it a credible market opportunity?
- That there is a realistic approach to carry-out the business idea and that there has been some thought given to commercialisation routes and strategies.
- That ethical issues, environmental and social impact have been taken into account.
- Evidence that intellectual property issues have been considered? What would be the potential effects on the business idea for intellectual property owned by others?
- What are the personal qualities of the applicants and the degree of drive and initiative they display in their proposals?
- The Credit Worthiness of the business owners
The Presentation (Grant eligible applicants only)
- The presentation and interview will last around 30 minutes (15-minutes for the presentation/pitch followed by 15-minutes for questions/discussion from a panel of assessors).
- The Assessment Panel will be drawn from:
- Oldham Enterprise Trust trustees
- Business Support Agencies
- Experienced business people as appropriate
- The Assessment Decision is final and no correspondence regarding the judging of entries can be entered into, nor appeals made.
- All entries will be treated as strictly confidential.
Application Terms & Conditions:
- A clear and well written structure to the submitted entry form in plain English (the fonts of Arial, Calibri or Tahoma in font size 10 can be used – please DO NOT USE Times New Roman).
- Entry forms can be submitted electronically, by post or by hand. Receipt is the responsibility of the applicant. No responsibility can be taken by Oldham Enterprise Trust, Business Growth Hub, People Plus, GC Business Finance or any partnering organising or organisation working is unison to support the Enterprise Trust for lost documentation or documentation not received.
- Faxed copies will NOT be accepted.
- Successful applicants must be prepared to engage with the Fund administrators in reporting progress of their business and engaging with business support services, supporting Get Oldham Working on a quarterly basis.
- Applicants are required to engage with the support process provided by the Business Growth Hub or People Plus
- Successful applicants will be required to engage with further appropriate business support services as directed by the Assessment Panel.
- Entries must be submitted on the official application form.
- The funding award must be used for the purpose(s) set out in the application.
- The funding award must be drawn down within 3 months or the offer is deemed to have lapsed.
- The business should be legitimate and legal with the intention to fulfil all appropriate statutory and legal requirements.
- Finalists must be able to attend one of the assessment panels to pitch their idea to the Judges/Assessors.
- Applicants must be available for PR and marketing activities both during and after the Funding period as required.
- There are a range of other finance packages and funds that can be applied for, if necessary (subject to criteria and application).