The Council will provide a rent subsidy grant for tech SMEs that can be used to subsidise the costs of office space with the right levels of flexibility and suitability, to encourage these businesses to locate in collaborative environments and directly participate in and deliver market square activity.
A two-year rent subsidy* capped at £15K in total will help eligible SMEs with the costs of office space in the city. This grant will allow SMEs to choose the working space and location that is appropriate for their needs.
A condition of grant requires the SME to organise and deliver market square activity thereby building on the current events and activity already underway in Glasgow and ultimately enhancing the ecosystem. Details on funding support can be found here https://www.glasgow.gov.uk/index.aspx?articleid=29126
This is a pilot project which will close to new applications on 30th September 2022.
You must be able to meet the following criteria:
- You have not signed a commercial lease agreement or;
- You have signed a commercial lease within 12 weeks prior to the date of submission of your application
- Businesses must be a tech start-up or SME (our definition of a tech business is detailed below)
- Business premises must be located within Glasgow City boundary
- Main business operations must be based within Glasgow City boundary
- Business must have a business bank account
What is a Tech Start-up/SME?
"A business that develops a product or service with a high degree of software engineering required to develop it" as defined in STER
The following are not eligible for funding:
- Applicants who are undischarged bankrupts, subject to insolvency proceedings or an individual who has entered into an arrangement with his/her creditors (including a trust deed).
- Applicants who do not meet the STER definition of a tech business as detailed above
- Applicants who are in arrears of Non-Domestic Rates
Eligible businesses must complete the online form, including:
- A 500-word description of your business including product, key objectives for the next 12 and 24 months (e.g. product development, investment stage, revenue growth)
- A 250-word (max) outline of why you need this office space and grant support
- A 250-word (max) proposal on what market square activity you plan to deliver in each of the 2 years of this grant support e.g. hackathon, a Founders Event, technical focus meetup etc.
Conditions of support
- The subsidy will pay 50% of the annual rent for the premises, capped at £7.5k per annum. So, for example, an annual rental of £10k will receive a subsidy of £5k per year.
- Any rent-free period offered by your landlord will be deducted from the value of your grant award
- You must deliver two ecosystem events as outlined above
- The grant will be paid in three stages:
- An advance payment of 40% on acceptance of the conditions of grant and evidence of a signed lease.
- A further 40% after 12 months from date of entry and on delivery of at least one ecosystem event and an Interim Report. Evidence of rent payments for the 12 month period required and
- A final payment of 20% at the end of the 2 year rental period on completion of a final on-line questionnaire and delivery of a second ecosystem event.
Please note rent subsidy contributions cannot be made towards any VAT element of your rental costs.