DR5181 Action for New Enterprise - Grant Scheme

The London Borough of Tower Hamlets are seeking to appoint an experienced organisation for the management and implementation of a scheme (Contract Two: Action for New Enterprise: New Entrepreneurs Grant Initiative) to give grant support to new entrepreneurs. (Please note the funding for this contract is already in place).

Action for New Enterprise Grant Scheme is the second part of a two part project contract.

The First part (Contract One: Action for New Enterprise; New Entrepreneur Training Initiative) which provides a structured enterprise training programme for Tower Hamlets Residents was successfully awarded in August 2016, To London Small Business Centre following the London Borough of Tower Hamlets Procurement process.

This procurement exercise relates only to Contract Two, The New Entrepreneur Grants Initiative.

This grant provision project will be for a minimum of 300 individuals who are bona fide residents of the London Borough of Tower Hamlets and who would have successfully completed the training as provided within Contract One.

Main objective of the project:

The main aim of the Action for New Enterprise project, which consists of activities delivered under both Contract One (The New Entrepreneur Training Initiative) and Contract Two (The New Entrepreneur Grants Initiative, is to create an opportunity for people and organisations located in Tower Hamlets to develop an entrepreneurial capacity which will lead them to business success.

Achieving this objective will create employment and economic prosperity in the borough. This will be brought about by equipping new entrepreneurs with the necessary skills, experience and opportunities for successful business ventures.

Whilst activities under Contract One will develop the entrepreneurs' business ideas, under Contract Two the enterprises created will be provided with grant funding - up to £5,000 in each case - to support the development, growth and sustainability of the business. Such grant funding will only be allocated in each case following rigorous checks relating to the prospective recipient, and a full assessment of the viability of the business activities proposed.

It will be a pre-condition of grant funding under Contract Two that the prospective recipient will have previously have received the training provided under Contract One. The assessment of prospective grant recipients under Contract Two will provide an incentive for them to receive training under Contract One.

The anticipated contract start date is: Monday, 27 March 2017

For a period of: 24 Months