Digital Growth Vouchers
Our Digital Growth Vouchers offer eligible firms help to fund their digital/IT investment.
Digital technology is transforming the way in which businesses operate, helping them to gain a competitive edge and achieve long term success. Our Digital Growth Vouchers, which are worth between £2,000 and £10,000 are designed to help small to medium sized businesses that are looking to grow by covering some of the costs of their digital/IT investment, so that they can achieve greater profitability and reach their full potential.
The Digital Growth Voucher scheme is a competitive process, where proposals are compared to each other to determine those that offer the biggest potential for business growth and digital maturity, with funding available for up to 130 vouchers.
The latest phase of the scheme closed on Friday 15th June 2018. The next phase for applications will open in the autumn 2018, providing even more businesses with the opportunity to undertake digital transformation projects.
Our revised guidance for applicants and intermediaries is available to read – click the graphic opposite.
Businesses receiving a Digital Growth Voucher can also apply for a Connectivity Voucher, but will not be able to participate in the Digital Knowledge Exchange.
Example: A manufacturing business in Huddersfield is aiming to grow and achieve digital transformation by selling its products online through the commissioning of a new e-commerce website. All products made by firm will be available for customers to purchase.
The website has a total cost of £10,000 (excluding VAT) – which includes costs relating to its design, development and integration. The firm can apply for a Digital Growth voucher worth between £2,000 to £10,000. The business owner expects to see employment growth of 10% and turnover to increase by 20% over the next two years, as a result of this investment.
Eligible Investment projects for a Voucher
Digital Growth Vouchers are intended for the acquisition of I.T hardware, software purchases or upgrades to digital connectivity. Funding can only be used for the purchasing of equipment or software and not for the on-going revenue costs of leasing them.
When applying for a Voucher it is imperative that applicants describe the purpose for which the acquired asset or investment will be used and how it will benefit business performance, sine our funding is there to help to achieve ‘Additionality’ i.e. to add value. It cannot be used to merely replace old equipment or infrastructure, where no value is added to a firm’s performance, capability or capacity. Therefore, voucher applications which do not demonstrate how the investment will generate any economic growth or impact for the business will be rejected.
Examples of eligible hardware/software solutions for a Voucher
- New laptops, desk tops or tablet computers, VOIP telephony or networking devices e.g. routers and servers, etc.
- Enhanced digital connectivity – particularly when this leads to download speeds exceeding 30 mbps. However, the grant will only be able to cover the cost of the installation not any on-going revenue costs.
- The acquisition of new software to manage the business including a CRM or ERP. The grant can cover integration and consultancy costs too but this is capped at 40% of the total project cost.
The next phase of the scheme will open in the autumn 2018. If you are interested in applying for a Digital Growth Voucher please follow our the steps below once the scheme reopens:
- Check your eligibility and if eligible you will be taken to the application form.
- Applicant businesses that meet the criteria in the Eligibility Checklist should complete the online form. Businesses are required to complete all sections of the application form, with particular consideration to the impact of the funding/investment upon their business growth and development. Proposals with poor or insufficient economic return (in terms of job creation or business expansion) relative to the value of the Voucher are unlikely to be successful.
- We will assess your application.
- Obtain quotations for your digital transformation project costs (Three quotes are required per item).
- If application approved we will send you a Funding Agreement.
- On receiving the returned Funding Agreement you can commission your suppliers.
- Once the work has been completed and proof of this is supplied via a claim form we will arrange payment to you.
If you have any questions then don’t hesitate to contact us.