Up to £150,000 will be distributed in 10-20 grants to local businesses at the start of the scheme, with a further £400,000 becoming available later on in 2022 through a mix of funding, including repayable grants.
Alongside the funding, there will be a free business support offer provided to grant recipients, including mentoring, learning courses and peer support.
The funding will prioritise supporting local entrepreneurs from backgrounds that are often locked out of other sources of finance, including those from Black, Asian and Minority Ethnic backgrounds, those with a disability and care leavers.
The Future Camden Fund will have three rounds of assessment:
Stage 1 – Assessing basic criteria and eligibility
Once the date of this application window has closed, the fund’s team will use data collected at Stage 1 to identify which organisations will be invited to Stage 2.
Stage 2 – Requests for evidence and due diligence, with a grant panel recommendation
The Stage 2 application form will be looking to verify information recorded at Stage 1, as well as reviewing the quality of the work delivered by organisations, in terms of the fund’s priorities. Questions in Stage 2 will provide an opportunity for the organisations to provide open text information about the work that they do.
Stage 3 – Grant panel assessment and awarding.
To be eligible to apply for the Future Camden Fund you must:
- have strong links to the London Borough of Camden - through location or delivery of your products or services
- be a micro or small company - less than 50 employees
- be a start-up or early stage business - established for under 5 years
- be a trading business - carrying a trade or profession or buying and selling goods or services to generate turnover
- have a functioning business that is not in liquidation, dissolved, struck off or subject to striking off notice
- have a social or environmental mission, or plans to establish a social or environmental mission
This fund will prioritise funding for founders and/or majority of the leadership team who identify as being one or more of the following:
- Black, Asian or from other Ethnic communities
- Female business founders
- Care leaver
- An individual that received free school meals
- An individual who was the first from their family to receive a university education