LOCAL VENTURE FUND GUIDELINES
Background
The Local Venture Fund is funded by Fife Council, with assistance from the
European Regional Development Fund. This scheme is available to eligible groups or projects throughout Fife.
The Local Venture Fund aims to assist local groups and community businesses, either new or existing, seeking support for new initiatives with economic development potential.
Individual grants, up to a maximum of £5,000, will be considered in any one year, from any one group or community business. The average award will be
£3,500.
Purpose of the Grant
The Scheme will provide financial assistance to eligible groups for the following purposes:
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to research, develop and implement new economic initiatives
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to assist with idea generation, feasibility studies, professional fees
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business plan preparation
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start-up funding
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working capital
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employee or director development
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business development initiatives
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skills training for local capacity building
Aim of the Scheme
The scheme is intended to provide a cost-effective and targeted funding source for community based organisations involved in economic activity. It will enable more projects to progress successfully from the initial stages of development towards independence and viability. The grant scheme will support projects that aim to:
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increase employment opportunities or career options for local residents
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increase the involvement of disadvantaged individuals and groups in economic activity
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improve the prospects for local economic growth and diversity
Who Can Apply?
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The award of financial assistance is discretionary. Applications will be considered from two distinct groups:
Voluntary Group:
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A group must have at least 3 members.
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The group must have a constitution (or if it does not yet have a constitution it should be established on a formal basis with a bank account, minuted meetings, allocation of responsibilities etc).
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The purpose of the group must be related to economic development.
Community Business:
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Aims to create lasting jobs and related training opportunities for local people whilst providing a commercial service.
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Aims to become financially self-sustaining and to use all profits made for reinvestment in the company or to provide benefits for the local community.
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Committed to being a good employer by giving staff a living wage and good terms and conditions of employment. It must adhere to an equal opportunities policy and provide an opportunity for employee participation.
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Will be registered as a company at Companies House within the requirements of company law.
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Will be run by Directors who will receive no remuneration other than eligible expenses.
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Will own assets on behalf of the community and for the continued benefit of the community.
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Will have an open membership, either geographical or interest group, and will elect Directors on a democratic one person, one vote principle.
Processing Applications
Development Workers (DW’s) will assist a group or community business to make an application. Applications should:
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comply with the application form by setting out aims, objectives, targets and fully costed proposals, with appropriate time-scales identified
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include relevant supporting documentation. Groups/Voluntary organisations that have been in operation for more than one year will be required to supply financial evidence to justify need for the funding requested. E.g. a set of
Audited Accounts.
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not duplicate an existing service
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clearly demonstrate a need for the new service/project
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not be retrospective i.e. seeking reimbursement for expenses already committed.
Applications will be considered by a grant panel which will meet every 6 weeks in alternating venues in the West, Central and East areas of Fife.
N.B. Applications for a lower amount of grant, up to £500, need not wait until the next available panel. The application should be forwarded to the Chairperson who will seek a decision from The Head of Development Services.
Administration of the Scheme
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A completed application will be submitted by the DW to the panel
Chairperson at least 10 days in advance of a panel meeting. He/she will then send this to each attending panel member 7 days before the meeting.
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At the panel meeting, a representative of the group/community business and the DW may present the application to the panel.
 The group/community business will be informed of the panel’s decision, in writing, within 5 working days, giving reasons for the decision reached. If supported by the Fund, the offer of grant letter will include any terms and conditions that the group or community business have to meet.
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The decision of the panel is final.
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Grant payment will usually be made on receipt of a signed declaration form accepting the conditions of award, and an appropriate purchase order or invoice, or other evidence of committed spending by the applicant for the purpose(s) approved.
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Local staff will work with the group/community business to undertake the project as appropriate.
Monitoring
The Local Economic Development Worker will be responsible for the monitoring of the projects’ outputs as agreed between the group/community business and the panel and set out in the offer of grant letter. The DW will meet with the group/community business at least twice within six months of the award being granted to ensure that outputs are being achieved.
Panel Administration
The chairperson/secretary will set panel dates and venues, 6 months in advance and notify all panel members of these arrangements. Panel members will then notify the chairperson of their availability and a rota will be drawn up.
A maximum of 6 panel members will then be invited to attend each panel; a minimum of 3 members will be needed to have a quorum.
The chairperson/secretary will be responsible for setting the dates for the meetings and booking meeting rooms and will ensure that all grant applications and supporting documents are sent to each panel member no less than 5 days in advance of the meeting.
The chairperson and secretary will attend all meetings but will take no part in the decision making process of an application. The secretary will be responsible for advising the group/community business, by letter, of the panel’s decision on the grant application and will raise the cheque once an appropriate purchase order or invoice is received from the group/community business.
The DW will advise the Chairperson of the group/community business’s progress and this will then be reported back to the panel.
For further information on the Local Venture Fund, contact David Grove on 01592 415994
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