Securing the funding you need to get your growth plans off the ground can be difficult and, where large sums are involved, a daunting prospect. Loans need to be repaid, after all. Grant funding can make a real difference to the success of the project. In our latest case study we detail how, after securing grant funding, Bay View Childcare has been able to grow the business, create jobs and transform young people.
Bay View Childcare is a specialist provider of residential care places for children and young people who have had a particularly troubling upbringing. The nature of the care they provide is shaped by the belief that, with the right support in a comfortable, secure and nurturing environment, children can change the path their lives are taking, and work towards a brighter, more prosperous future.
The organisation plays an essential part in the multi-agency approach to supporting young people who need to move away from difficult behaviours towards stability and independence, and be prepared for adult life.
Bay View Childcare operates two specialist children’s homes in the Morecambe and Lancaster areas. It is an essential resource for local councils looking to place young people in an appropriate setting, but such places are in short supply. To better meet demand for places, Bay View developed plans to build a third home.
Martin Horner, owner of Bay View Childcare, had been introduced to Tony Backhouse by his accounting advisors at RfM before the plans for the project were on the table. Although his specialist skills were not needed at that point, Tony explained how RfM Business Consulting could help companies that were looking to grow – information that Martin saved for a time in the future when he might need it.
That time came in summer 2017, when Martin approached Tony about the availability of grant funding for a proposed development project. The project would see Bay View Childcare purchase a suitable property and make it fit for purpose to increase their provision by an additional four places.
Tony was aware of a Rural Development Fund that could potentially be accessed to enable Bay View Childcare to receive grant funding worth 40% of the total project costs, subject to meeting the eligibility criteria. The LEADER Fund, Lot 3, was open for tenders from growing regional businesses who planned development projects that would:
- Create jobs
- Provide a benefit to the local economy
The tendering and awards process was competitive, meaning that funding would be awarded to projects that would create the highest number of jobs and the greatest economic benefit.
The first stage in the process was the initial application; a top-line summary of the project scope, outline costs and predicted benefits. Tony pulled together the submission to meet the rigorous requirements of this ‘filtering’ stage.
The Bay View Childcare development project was deemed eligible to progress to the next stage of the process: the full application. Here, Tony’s knowledge and experience of pulling together successful tenders would really come into its own. The full submission outlined the nature and scope of the project, and included intelligence gathered from all parties to be involved, such as architects, construction contractors, project managers. Detailed competitor quotes were also presented.
Perhaps most importantly, the final, 22-page tender document included detailed projections of the local economic benefit the project would deliver, including the number of jobs that would be created.
Bay View Childcare was awarded a grant of almost £180,000 from the LEADER Fund in December 2018 – 40% of the total cost of the project.
The project timeline, from the initial approach to Tony, to receiving news of the grant award, was 18 months. Over the course of that time, the project scope was adjusted to better suit the needs of the local area and planning requirements.
“This project would not have got off the ground without the help of RfM,” commented Martin Horner, owner and Director at Bay View Childcare. “Not only did Tony find the funding, he developed our plans to enable the project to become real. Tony is incredibly hands-on and made sure the application proceeded smoothly despite the usual planning delays.”
Tony is delighted to have been able to support Bay View Childcare to make this project happen: “It has been a pleasure working with Bay View Childcare, an excellent local company that is actively helping to improve our society.”
Financing and Grant Funding
- Do you have ambitious plans to develop/scale up your business?
- Do you have the finance to develop the plans?
- Do you need help to identify the right kind of help?
- Do you have a clear idea of the aims and benefits of your plans?
- Have you tested how this will fit with your existing business?
We can identify and signpost you to sources of grant funding and guide you through the complex application process. In the last year, we have helped companies create jobs, set up new business divisions and expand turnover significantly.