Ad:Venture scheme is supporting business to boost the economy

ERDF funded programme, AD:VENTURE, shares recent examples of how businesses across the region have benefited from the programme.

Despite ongoing political and economic uncertainties, the Leeds City Region continues to report positive performance, with support for jobs and growth giving cause for the collective celebration of business start-up and entrepreneurial success.

AD:VENTURE, the ERDF funded programme, is just one example of an initiative that can provide advice, guidance and practical support, as well as match-funded grants, to enterprises with ambition so that they can meet with their potential.

Providing start-ups and young organisations that have been trading for less than three years with access to a dedicated Business Advisor, companies are taken through a step-by-step process that allows them to formalise their approach and future plans.

Those that can evidence through a written business plan that they have a sustainable model in place that could fast-track through investment, could also secure up to £25,000 in match-funded support.

With a total fund of £2.5m available, many businesses throughout the region have already benefitted from financial support, however there are still further opportunities available.

Sarah Carling, programme manager said: “The AD:VENTURE programme is a great example of how we are investing in young companies to help them with the practical and financial support they need to meet with their potential. There are so many exciting companies that have come to market in the last eighteen months alone and we know there are even more that would benefit from the support the programme offers.

“This isn’t just about Leeds, it’s about the wider City Region and we would encourage anyone that needs to access professional advice and guidance to come forward. There really is nothing to lose and a great deal to gain!”

To meet with the eligibility criteria, businesses must make clear what the funds will be used for and this could include supporting an advertising campaign, purchasing office equipment and furniture, investing in production equipment, launching a website or covering consultancy costs. In each instance, a company needs to create jobs or expand its operations as a result.

Each grant application needs to be 50% match-funded and these funds can be secured using a business loan, external investment, a low rate government loan or as the result of a personal or family contribution.

AD:VENTURE Business Advisors can also provide access to a schedule of master classes, workshops and events that focus on a range of essential areas such as marketing, branding, market research and financial forecasting that applicants may want to attend in order to strengthen their applications.

Stephanie Moran Couture, Tadcaster

Stephanie Moran, local bridal designer, opened her first showroom after securing an investment boost taking her from back bedroom to boutique business. The grand opening of the ‘by appointment only venue’ was Stephanie’s first foray into the bridal world.

Securing £3,800 to help towards creating a welcoming and individual environment and experience for the modern bride and bridal party, Stephanie now works with other outlets to offer her designs and extend her audience to include trade suppliers as well as direct customers.

Riverside Coatings, Castleford

Riverside Coatings, the professional paint powder coating business in Castleford, turned to AD:VENTURE for support and guidance to help with a detailed plan and necessary budget forecasts.

The company also applied for a grant for £18,523.39 that would allow it to invest in an auto-wash, a large piece of machinery that would give it the chance to work on larger commissions.

In addition to delivering a professional service, the business can now take on larger pieces of work and employs a team of four operatives to support in the workshop.

Filamentive, Leeds

Named as Leeds Entrepreneur of the Year, Ravi Toor recognised that there was a gap in the market and an environmental need for recycled filament. He is now using recycled polymers to transform the 3D printing industry and called upon AD:VENTURE to help set-up his business.

Receiving advice on his business plan, cashflow and digital marketing, the young businessman also benefitted from start-up funding to boost stock capacity from the Business Enterprise Fund.

Crimson Bear, Bradford

Crimson Bear, the rapidly-expanding company that supplies designer radiators and electrical heating products, is on track to turnover £2m thanks in part to the support that it received from AD:VENTURE.

Securing a total of £6,754 in match-funded support, Crimson Bear used the cash to set the foundations for the future with investment made towards the purchase of equipment for the office such as desktop PC’s, furniture, IT kit, desks and storage.

With so many examples of businesses from across a variety of sectors that have benefitted from the AD:VENTURE programme throughout the Leeds City Region, it is quickly becoming a ‘go to’ for start-ups and young enterprises.

For further details about the AD:VENTURE programme and its bespoke package of support that is tailored to each individual company, visit www.ad-venture.org.uk