Funding opportunities for businesses

News
News

Small and medium sized businesses in Derbyshire and England could benefit from £95 million in Government investment.

The Government funding, announced in November, will support small and medium-sized enterprises considering investing in new capital assets.

It expects the funding to unlock around £50 million of new investment and create at least 4,000 jobs

The money forms part of the Government’s £1.4 billion Regional Growth Fund, which supports projects that can create jobs, are based in areas dependent on the public sector and are supported by private sector investment.

The new scheme will provide grants designed to support SMEs considering investment in new capital assets and creating new employment but which have been unable to secure commercial funding for their projects.

These schemes will directly help SMEs that want to invest and create new jobs. They will deliver a shot in the arm to local communities and help small businesses drive local growth.

RBS, NatWest and HSBC have agreed to facilitate the distribution of the £95 million. To qualify for the scheme run by NatWest and RBS, SMEs need a turnover of less than £25 million. To qualify for the HSBC scheme the SME will need a turnover of less than 50 million euros.

SMEs can qualify for a grant if they are going to invest in new capital assets, such as plant and machinery, and create new jobs but cannot get normal bank finance. Grants of up to £500,000 will be awarded alongside the award of a new bank loan on commercial terms.

For further information about business grants please contact Steve Bell, Head of Corporate Finance, of Sheffield-based Hart Shaw Finance on (0114) 251 8850 or email steve.bell@hartshaw.co.uk for details.