Funding

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Next deadline set for entrepreneur salary funding submission

The deadline has been set for the next submission for Build It funding support from Firstport.

Scotland’s development agency offers funding up to £20,000 to support social entrepreneurs looking to move on from running their organisation part-time to making it a full-time career.

The money goes towards funding the entrepreneur’s salary so that they can concentrate on their enterprise full time.

The next deadline for Build It awards to be submitted has been set for Thursday September 26.

Shortlisted applicants will be required to attend in person to pitch to a panel on Tuesday November 26 with an appointment also to attend a Practice Your Pitch and Cashflow Challenge session in the weeks running up to the panel to help you prepare your presentation. The next deadline for the awards will be Wednesday January 29.

In exceptional circumstances, they will consider funding up to a further £5000 for additional essential costs, such as hiring other staff. The maximum amount is granted in rare instances when applicants can present a particularly strong case; the average award at this level is in the region of £18,000.

To be eligible, you must still be at a relatively early stage – i.e. your enterprise must have been trading for two years or less, however, you must also be established enough to demonstrate a strong track record of generating income, covering your costs and achieving tangible social impact.

Competition for Build It funding is very tough, and they prioritise those applications that provide the strongest proof of their success to date. For this reason, they generally recommend that an enterprise has about a year’s trading activity under its belt to be able to compete against other applications.

Firsport look for hard evidence of your track record, including facts and figures to show how your project has made an impact on a particular social issue. They also look for a clear plan detailing how the funding will allow the enterprise to grow, and strong cash flow projections.

To find out more about the process go to: www.firstport.org.uk/build-it

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