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New businesses in Moray could benefit from £75k grant

Applications for the grant are now open to new businesses in Moray
Applications for the grant are now open to new businesses in Moray

Entrepreneurs launching small businesses in Moray could benefit from a new £75,000 start-up grant which aims to stimulate economic recovery in the area.

The fund has been created to help new businesses with start-up costs and to mitigate against any issues relating to the end of the furlough scheme.

Through this start-up scheme, Business Gateway will be able to provide the best support possible to the local business community.

Moray Council’s contribution to the fund is coming from underspend from the Business Gateway services, which means there is no additional cost to the council.

The other half has come from £35,000 of match funding which has been secured by Highlands and Islands Enterprise.

The scheme will launch in September and run until March 2022, or earlier if funds run out before then. New ventures from any sector could be supported with a start-up grant of £1,500.

Applicants will be asked to describe the benefits of their business to the local economy as well as proving market analysis, a business plan and financial projections.

Council leader Graham Leadbitter said targeted support is “key to encouraging new business to start up in a recovering financial climate”.

He said: “Whilst the Covid pandemic has thrown up many challenges, it has also brought out some exceptional resilience and entrepreneurialism from many businesses.

“We have seen people whose work or business has been affected by Covid looking at new ideas, including new start-up businesses.

“It is important that we support that innovation and new business development and this grant scheme is an excellent way to do that.

“I would encourage people with new business ideas to consider applying and make the most of the support that is available through grant schemes and business advisory services, including our own Business Gateway team.”

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